Uncertainty in the Global Economy and Consumer Markets Due to Brexit and Other Factors

「歴史的な円安や物価高騰による実質賃金の伸び悩み、不安定な中東情勢など、先行きは依然として不透明な状況で推移いたしました。」

「In addition to a further increase in households’ focus on protecting their living standards as high prices persist, uncertainty surrounding US trade policy and the emergence of geopolitical risks mean that the situation remains highly uncertain.」

「物価高騰の長期化による生活防衛意識の一段の高まりに加え、米国の通商政策を巡る不透明感や地政学リスクの顕在化など、依然として予断を許さない状況が続いています。」

「There are also downside risks to the economy from deteriorating household sentiment caused by continued price increases and the impact of US trade policy, and the outlook remains uncertain.」

「However, prices have continued to rise globally and inflation has progressed, while the outlook remains uncertain amid concerns about an economic downturn resulting from continued monetary tightening and sluggishness in China’s real estate market.」

「Meanwhile, prices and inflation have been rising globally, and concerns about an economic downturn resulting from monetary tightening have left the outlook uncertain.」

「As the situation in Ukraine continued, raw material and energy prices rose, while global monetary tightening and a sharp depreciation of the yen progressed, increasing uncertainty about the economic outlook.」

「As the risk of recession increased because of the protracted situation in Ukraine and the restrictions on economic activity resulting from China’s zero-COVID policy,」

「Russia's invasion of Ukraine disrupted global supply chains, and uncertainty about the economic outlook has increased amid expectations of further increases in food and energy prices.」

「Even after the state of emergency was lifted in March 2021, concerns remained about the impact of a rebound in infections and the spread of variant viruses on domestic and overseas economies, leaving the outlook uncertain.」

「During the nine-month period of the fiscal year under review, Japan’s economy saw consumption, which had deteriorated due to the impact of COVID-19, temporarily recover as overseas economies, led by China, recovered and measures such as the Go To campaign took effect. However, the situation became uncertain again as the third wave from late November led to the temporary suspension of the Go To campaign and requests for people to refrain from going out.」

「Toward the end of the consolidated fiscal year, sentiment deteriorated further as inbound demand stagnated and economic activity slowed due to the global spread of COVID-19.」

「However, consumer sentiment has weakened amid factors including the consumption tax increase and rising food prices. In addition, the deterioration in the export environment caused by US-China trade friction has heightened downside risks to the economy.」

「However, consumer sentiment has weakened amid factors including sluggish share prices and rising food prices, while exports and production have remained weak. In addition, the escalation of US-China trade friction, worsening Japan-South Korea relations and the consumption tax increase have heightened downside risks to the economy.」

「However, consumer sentiment has weakened amid factors including sluggish share prices and rising food prices, while exports and production have remained weak. In addition, the outlook remains highly uncertain, with attention required to the impact of US-China trade issues on the global economy, uncertainty surrounding overseas economies and policy, and volatility in financial and capital markets.」

「However, wages supporting consumption have not increased sufficiently, leaving concerns about weak momentum in personal consumption and subdued price increases. In addition, the outlook remains highly uncertain, with attention required to the impact of US-China trade issues on the global economy, uncertainty in overseas economies and volatility in financial and capital markets.」

「Meanwhile, household income and employment conditions have improved as the economic recovery has extended, and personal consumption has continued to recover moderately. However, consumer sentiment remains weak because of higher prices and uncertainty about the outlook, and the outlook remains highly uncertain, with attention required to uncertainty in overseas economies and volatility in financial markets.」

「Consumer sentiment remains weak because of higher prices and uncertainty about the outlook. In addition, the outlook remains highly uncertain, with attention required to uncertainty in overseas economies and volatility in financial markets.」

「In addition, the outlook remains highly uncertain, with attention required to uncertainty in overseas economies and volatility in financial markets.」

「In the household sector, consumers continue to favor saving because of higher prices and uncertainty about the outlook. In addition, the outlook remains highly uncertain, with attention required to uncertainty in overseas economies and volatility in financial and capital markets.」

「However, geopolitical risks arising from regional conflicts and international terrorism have emerged, and the outlook remains highly uncertain, with attention required to uncertainties surrounding foreign policies and the volatility of financial and capital markets.」

「However, geopolitical risks that could dampen economic activity, including the North Korean issue and frequent terrorist attacks in various regions, as well as uncertainties such as US economic policy and Brexit, create concerns that the outlook may deteriorate.」

「The global economy remains subject to considerable change amid concerns over slower growth in emerging economies, particularly China, the UK’s notification of its intention to leave the EU, and uncertainty surrounding protectionist policies under the new US administration, as well as broader policy uncertainty.」

「However, there are downside risks from excessive dollar strength and protectionism, as well as concerns about slower growth in China and Brexit, and the global economy remains subject to considerable change.」

「In addition to a series of terrorist attacks in Europe, Brexit and OPEC’s oil production cuts have raised concerns about their potential future impact on investment, employment and foreign exchange markets, although no impact on the real economy has yet emerged. Consumer market conditions remain uncertain.」

「Following the referendum in the UK, the decision was made to leave the EU, triggering a global stock-market decline. At the same time, the number of refugees and internally displaced persons exceeded 60 million, the highest level since World War II. Against this backdrop, trends in the foreign-exchange and consumer markets remained uncertain.」