Economic Impact of Consumption Tax Increases, U.S.-China Trade Friction, and Other Factors

「原材料・エネルギー価格の高止まり、円安の影響、海外の通商政策や地政学リスク等により、物価上昇が継続しており、消費者の節約志向も根強いことから、先行きは依然として不透明な状況が続いております。」

「During the consolidated fiscal year, Japan’s economy continued on a gradual recovery path due to improvements in employment and wage increases. However, the outlook remained uncertain because higher energy prices and impacts on financial and capital markets resulting from escalating tensions in the Middle East and other rising geopolitical risks, in addition to higher consumer thrift due to rising prices and developments in US trade policy, continued to affect the economic outlook.」

「米国通商政策の動向に加え、中東情勢の緊迫化など地政学的リスクの高まりによるエネルギー価格や金融資本市場への影響から、先行き不透明な状況が続いております。」

「Concerns over a slowdown in the global economy have increased due to stronger consumer thrift resulting from higher prices, US tariff policy and rising geopolitical risks, and the outlook remains uncertain.」

「At the same time, uncertainty continued due to higher raw material prices and energy costs resulting from foreign exchange fluctuations and the prolonged situation in Ukraine, along with changes in consumer sentiment caused by the resulting inflation.」

「At the same time, the outlook remained uncertain due to inflation resulting from surging resource and energy prices and sharp fluctuations in foreign exchange rates.」

「During the first quarter of the current consolidated fiscal year, economic activity in Japan was gradually moving toward normalization as efforts to prevent the spread of COVID-19 progressed and third-round vaccinations were administered. However, the outlook remained uncertain as factors driving inflation accumulated, including surging resource and energy prices due to international conditions and a sharp depreciation of the yen.」

「During the consolidated fiscal year, Japan’s economy showed signs of recovery as the state of emergency and other measures related to COVID-19 were fully lifted in October 2021 and various policies took effect. However, the outlook remained uncertain, as quasi-emergency measures to prevent the spread of disease were implemented in many regions in January 2022 following a sharp increase in infections from a new variant, while raw material prices rose and crude oil prices increased, mainly due to heightened geopolitical risks.」

「During the first 3 quarters of the current consolidated fiscal year, corporate earnings remained firm and the Japanese economy continued on a gradual recovery path. At the same time, the economic outlook remained uncertain due to unstable international political conditions, including prolonged US-China trade frictions, the United Kingdom’s withdrawal from the EU, and rising geopolitical tensions resulting from escalating conflict between the United States and Iran.」

「The foodservice industry remains in a difficult business environment. In addition to soaring raw material prices and rising personnel-related costs against a backdrop of work-style reforms and labor shortages, the consumption tax increase and reduced tax rate system introduced in October this year are expected to reduce dining-out occasions because eating out is perceived as relatively expensive compared with the lower prices of prepared meals.」

「During the first quarter of the current consolidated fiscal year, Japan’s economy continued on a gradual recovery path, supported by improving corporate earnings and employment conditions. However, the outlook for the economy remained uncertain due to unstable international political conditions, including the prolonged US-China trade friction issue and the United Kingdom’s withdrawal from the EU.」

「The outlook remains uncertain due to concerns over the impact on the economy of the consumption tax increase scheduled for October this year and overseas developments, including US-China trade friction.」