Sluggish Personal Consumption and Economic and Foreign Exchange Uncertainty

「During the interim consolidated accounting period, the Japanese economy was on a recovery trend overall, despite the impact of U.S. trade policies. While improving employment and income conditions support expectations for a recovery, continued attention is required regarding downside risks to the economy arising mainly from trade policy, the resulting decline in consumer sentiment, and volatility in the financial and capital markets.」

「During the consolidated fiscal year, the Japanese economy remained uncertain amid rising inbound demand and continued improvement in employment and income conditions, while being affected by persistently higher raw material and energy prices, prolonged uncertainty overseas, the U.S. administration’s trade policies and the weaker yen.」

「In the food-delivery industry to which the group belongs, the impact of volatile resource and energy prices and abnormal weather on agricultural and livestock products is becoming more serious. As price pass-through progresses across all goods and services alongside wage increases to address labor shortages, consumers are becoming increasingly focused on protecting their household finances, and the industry continues to face an extremely difficult environment to navigate.」

「During the consolidated fiscal year, economic normalization advanced further as the relaxation of the government’s movement restrictions related to COVID-19 led to increased movement of people and stronger inbound demand, and the economy continued to recover moderately. On the other hand, continued increases in prices caused by higher resource and raw-material prices and the yen’s depreciation strengthened consumers’ preference for saving, and the economic outlook remained uncertain.」

「During the cumulative third quarter of the consolidated fiscal year, social and economic activity continued to normalize following the reclassification of COVID-19 to Category 5. However, the outlook remained uncertain because of surging energy and raw-material prices, the prolonged depreciation of the yen, and concerns over stagnant personal consumption resulting from continued inflation.」

「The food-delivery industry to which the group belongs is expected to continue facing a challenging operating environment because of higher energy and raw-material prices and logistics costs, as well as restrained consumption resulting from high prices and stagnant real wages.」

「During the cumulative first quarter of the consolidated fiscal year, Japan’s economy showed signs of progress toward normalization of social and economic activity as movement restrictions related to COVID-19 were eased. However, the outlook remained uncertain, and elevated procurement prices and logistics costs caused by surging raw-material and energy prices were expected to persist because of the situation in Ukraine and the prolonged depreciation of the yen. In the food-delivery industry to which the group belongs, the operating environment is expected to remain challenging because of an anticipated decline following the pullback from stay-at-home demand and higher raw-material and delivery costs.」

「During the consolidated fiscal year, the economy appeared to be gradually recovering following the government’s relaxation of movement restrictions related to COVID-19. However, as in the previous fiscal year, conditions remained uncertain because of the situation in Russia and Ukraine, the yen’s depreciation accompanying substantial interest-rate hikes in the United States and Europe, higher oil and fuel costs and utility expenses resulting from higher crude oil prices, and labor shortages.」

「During the cumulative third quarter of the consolidated fiscal year, Japan’s economy showed signs of a gradual recovery as economic activity moved toward normalization following the lifting of the government’s restrictions on movement related to COVID-19. However, the operating environment remained challenging because of surging raw-material and energy prices, concerns over exchange-rate trends including the yen’s depreciation, and rising prices. The global economy also remained uncertain, owing to the prolonged situation in Ukraine, the impact on the economy of the sharp increase in COVID-19 cases in China, and concerns that the global inflationary phase could develop into an economic recession.」

「During the cumulative second quarter of the consolidated fiscal year, Japan’s economic outlook became uncertain because of the renewed spread of COVID-19 caused by a new variant, surging resource and raw-material prices, and rising prices resulting from the yen’s depreciation. The food-delivery industry to which the group belongs is also expected to continue facing a challenging operating environment, against the backdrop of consumers’ stronger preference for saving as price increases occur one after another.」

「During the cumulative first quarter of the consolidated fiscal year, although the impact of COVID-19 continued for an extended period, the quasi-emergency measures to prevent the spread of the disease were fully lifted on 21 March, and economic activity gradually began to recover, helped by the wider rollout of vaccinations and other factors. On the other hand, uncertainty about the outlook persisted because of rising prices resulting from surging global resource prices and the emergence of geopolitical risks as international tensions intensified.」

「During the cumulative third quarter of the consolidated fiscal year, economic activity showed signs of recovery as the number of infections declined following various government measures against COVID-19 and the wider rollout of vaccinations. However, concerns over surging global resource prices and the spread of a new variant remained, and uncertainty about the outlook persisted.」

「During the cumulative second quarter of the consolidated fiscal year, Japan’s economy remained in a difficult condition because of the impact of COVID-19. Although signs of a recovery are expected as measures to prevent the spread of infections, including promoting vaccination, are implemented, close attention will continue to be required because of the downside risk to the economy from the impact of further infections.」

「Regarding the outlook, there is still no clear prospect of containing COVID-19, and the outlook for the economy is expected to remain uncertain because of continued concerns over a slowdown in the domestic and global economies. Uncertainty is also expected to persist because of weaker consumer sentiment resulting from declining personal income and deteriorating employment conditions, as well as consumers’ stronger preference for saving.」

「During the cumulative third quarter of the consolidated fiscal year, Japan’s economy deteriorated rapidly as a result of the global spread of COVID-19 and other factors. In Japan, there was still no clear prospect of containing the infections, and the impact of the spread of the disease continued to require attention, leaving conditions extremely uncertain.」

「During the cumulative second quarter of the consolidated fiscal year, Japan’s economy remained in a difficult condition. Corporate earnings and employment conditions deteriorated sharply because economic activity stagnated as a result of the spread of COVID-19. Although signs of a gradual recovery emerged after the government lifted the state of emergency, the challenging operating environment continued amid concerns over a resurgence of infections.」

「During the cumulative first quarter of the consolidated fiscal year, Japan’s economy remained in a difficult condition as economic activity stagnated following the spread of COVID-19, while corporate earnings and employment conditions deteriorated and consumer sentiment weakened.」

「During the cumulative third quarter of the consolidated fiscal year, personal consumption declined following the pullback from rush demand ahead of the consumption tax increase. However, a sharp drop in consumption was avoided as employment conditions continued to improve and various measures to reduce the burden, including point rebates for cashless payments, were implemented.」

「During the cumulative first quarter of the consolidated fiscal year, Japan’s economy continued to recover moderately amid ongoing improvements in employment and income conditions. However, corporate sentiment became more cautious against the backdrop of the US-China trade dispute and the slowdown in the Chinese economy, increasing uncertainty about the economic outlook.」

「During the consolidated fiscal year, Japan’s economy continued to recover moderately, supported by improvements in corporate earnings and employment and income conditions. On the other hand, personal consumption was generally flat amid uncertainty about the outlook, and conditions remained far from optimistic.」

「During the cumulative third quarter of the consolidated fiscal year, corporate earnings remained solid and the economy continued to recover moderately. However, personal consumption lacked strength, partly because of the strong preference for saving, and uncertainty persisted, including as a result of intensifying trade friction overseas.」

「During the cumulative second quarter of the consolidated fiscal year, corporate earnings remained solid and the economy showed a moderate recovery trend. However, personal consumption lacked strength because of consumers’ preference for saving and remained stagnant. In addition, concerns over trade friction resulting from protectionist policies overseas could not be dispelled, and uncertainty about the outlook persisted.」

「During the cumulative first quarter of the consolidated fiscal year, Japan’s economy remained on a moderate recovery trend amid improvements in employment and income conditions. However, uncertainty about the outlook persisted, owing to concerns over trade friction resulting from protectionist policies overseas and uncertain political activity.」

「During the third quarter, Japan’s economy showed signs of a moderate recovery overall, supported by improvements in corporate earnings and employment conditions. Meanwhile, personal consumption remained restrained, and consumers’ preference for low-priced products and saving strengthened. As a result, the operating environment remained uncertain, including because of intensifying price competition.」

「Personal consumption remains restrained, and consumers’ preference for low-priced products and saving is strengthening. As a result, the operating environment remains uncertain, including because of intensifying price competition.」

「Personal consumption remained weak, while expectations for high-value-added products grew alongside a stronger preference for low-priced products and saving. As a result, the group’s sales were materially affected by intensifying price competition.」

「During the consolidated fiscal year, Japan’s economy showed signs of a moderate recovery, supported by improving corporate earnings and other factors. However, consumers’ stronger preference for saving persisted, and the operating environment for the group remained challenging.」

「During the third quarter, Japan’s economy continued to recover moderately overall, supported by the government’s economic measures and the Bank of Japan’s monetary policy. However, the operating environment remained uncertain, owing to consumers’ growing preference for saving and the difficulty of securing personnel in a labor market affected by labor shortages. Concerns over the impact on Japan of Brexit and the economic policies of the United States following its presidential election also contributed to an unpredictable environment.」

「The operating environment remains uncertain, owing to restrained personal consumption resulting from uncertainty over the economic outlook and the difficulty of securing personnel in a labor market affected by labor shortages.」

「In addition to concerns over downside risks from an economic slowdown in emerging markets, sluggish personal consumption has left the operating environment uncertain.」

「On the other hand, as personal consumption has not yet fully recovered, consumers continue to favor saving. In addition, concerns over the slowdown in overseas economies and the impact of exchange rates mean that uncertainty about the outlook has not been fully dispelled.」