Yen Appreciation, Falling Share Prices and Weak Personal Consumption

「During the consolidated fiscal year, Japan’s economy remained on a gradual recovery trend, supported by expanding inbound demand, with the number of visitors to Japan exceeding 40 million for the year, as well as improving corporate earnings and employment and income conditions due to wage increases. Meanwhile, as prices continued to rise, consumers remained strongly inclined to economize and selectively purchase goods, leaving the outlook for personal consumption uncertain. In addition, concerns remained wide-ranging, including the impact of US trade policy and geopolitical risks such as the situation in the Middle East, as well as trends in foreign-exchange rates and long-term interest rates, and the outlook remained uncertain.」

「Meanwhile, as inflation continues, consumers remain strongly inclined to economize and selectively spend, leaving uncertainty over the outlook for personal consumption. There are also a wide range of concerns, including the impact of US trade policy and geopolitical risks such as the situation in the Middle East, as well as trends in foreign exchange rates and long-term interest rates, and the outlook therefore remains uncertain.」

「During the first half of the current consolidated fiscal year, Japan’s economy remained on a gradual recovery trend as employment and income conditions improved. In addition, the domestic tourism industry remained strong, with the number of visitors to Japan surpassing 30 million at the fastest pace on record. Meanwhile, continued price increases raised concerns about a cooling in personal consumption. The outlook remained uncertain due to highly uncertain factors including developments in US trade policy, prolonged geopolitical risks and domestic and overseas interest-rate trends.」

「During the consolidated fiscal year, Japan’s economy remained on a gradual recovery trend, supported by solid corporate performance, improved business sentiment, a recovery in domestic personal consumption and increased inbound consumption. Meanwhile, strong inflationary pressure continued due to persistently high raw material and resource prices, higher labor costs and unseasonable weather, leaving the outlook uncertain. More recently, concerns about a deterioration in the global economy emerged over tariff policies under the new US administration, increasing uncertainty about the outlook.」

「During the first half of the current consolidated fiscal year, Japan’s economy continued its gradual recovery, supported by expanding inbound demand and improving employment and income conditions. Meanwhile, the outlook remained uncertain due to prolonged geopolitical risks, exchange-rate fluctuations resulting from changes in monetary policy and continued price increases caused by surging raw material and resource prices.」

「During the consolidated fiscal year, Japan’s economy continued to normalize as COVID-19 subsided, and consumption activity became more active as domestic demand for going out and inbound demand recovered against a backdrop of yen depreciation. Meanwhile, the outlook remained uncertain due to prolonged deterioration in conditions overseas, persistently high resource prices and rising prices caused by further yen depreciation.」

「During the first nine months of the current consolidated fiscal year, economic activity moved toward normalization following the lifting of restrictions related to COVID-19, and personal consumption and inbound demand showed signs of recovery. Meanwhile, prices continued to rise due to persistently high raw material and energy prices resulting from prolonged deterioration in conditions overseas and exchange-rate fluctuations caused by global monetary tightening, leaving the outlook uncertain.」

「During the first half of the current consolidated fiscal year, Japan’s economy continued to normalize as COVID-19 was reclassified as a Class 5 infectious disease, and domestic personal consumption and capital investment were recovering. Meanwhile, prices continued to rise due to yen depreciation and persistently high raw material and energy prices, leaving the outlook uncertain.」

「During the first quarter of the current consolidated fiscal year, Japan’s economy was moving toward normalization of social and economic activity following the reclassification of COVID-19 as a Class 5 infectious disease. Domestic consumption was recovering. Meanwhile, prices continued to rise due to surging resource prices amid yen depreciation and the prolonged situation in Ukraine, leaving the outlook uncertain. Domestic personal consumption was recovering despite the impact of rising prices.」

「During the first nine months of the current consolidated fiscal year, the Japanese economy showed signs of a recovery in consumption as domestic COVID-19 infections declined and restrictions on activities were eased. However, prices were rising due to rapid yen depreciation and surging resource prices resulting from the situation in Russia and Ukraine, leaving the outlook uncertain. Although consumption activity associated with demand for going out became more active, personal consumption showed signs of slowing, partly due to the impact of rising prices.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy showed signs of a recovery in consumption as domestic COVID-19 infections declined and restrictions on activities were eased. However, prices were rising due to rapid yen depreciation and surging resource prices resulting from the situation in Russia and Ukraine, leaving the outlook uncertain.」

「During the first nine months of the current consolidated fiscal year, the Japanese economy was in an extremely difficult situation due to the global spread of COVID-19, which resulted in a decline in inbound demand and a slowdown in economic activity in Japan and overseas. From October onward, infections in Japan trended downward as vaccinations progressed, and there were signs of a gradual recovery, although the outlook remained uncertain. Although infections had trended downward from October onward, domestic personal consumption was expected to take some time to recover as the unemployment rate rose and income conditions deteriorated.」

「During the first half of the current consolidated fiscal year, the Japanese economy was in an extremely difficult situation due to the global spread of COVID-19, which resulted in a decline in inbound demand and a slowdown in economic activity in Japan and overseas. Although infections in major Japanese cities continued to ebb following the declaration of a state of emergency and spread again following its lifting, infections in Japan were trending downward as vaccinations progressed, and there were signs of a gradual recovery recently. However, the outlook remained uncertain. Domestic personal consumption was expected to take some time to recover as the unemployment rate rose and income conditions deteriorated due to the spread of COVID-19.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy was in an extremely difficult situation due to the global spread of COVID-19, which resulted in a decline in inbound demand and a slowdown in economic activity in Japan and overseas. In major Japanese cities, infections continued to ebb following the declaration of a state of emergency and spread again following its lifting, producing a stop-and-start pattern. The outlook was expected to remain uncertain for the time being. Domestic personal consumption was expected to take some time to recover as the unemployment rate rose and income conditions deteriorated due to the spread of COVID-19.」

「During the consolidated fiscal year, the Japanese economy continued to face an uncertain outlook as the global spread of COVID-19 led to a decline in inbound demand and a slowdown in economic activity in Japan and overseas. Domestic personal consumption continued to decline due to a rising unemployment rate and deteriorating income conditions caused by the spread of COVID-19, as well as voluntary restrictions on outings, the scaling back or cancellation of events and shortened operating hours at large commercial facilities. Personal consumption was expected to take some time to recover.」

「During the first nine months of the current consolidated fiscal year, the Japanese economy remained in an extremely difficult situation due to the global spread of COVID-19, which resulted in a decline in inbound demand and a slowdown in economic activity in Japan and overseas, and the outlook remained uncertain. Domestic personal consumption was expected to take some time to recover as the unemployment rate rose and income conditions deteriorated due to the spread of COVID-19.」

「During the first half of the current consolidated fiscal year, the Japanese economy was in an extremely difficult situation due to the global spread of COVID-19, which resulted in a decline in inbound demand and a slowdown in economic activity in Japan and overseas. Although there were signs of a gradual recovery recently, the outlook remained uncertain. Domestic personal consumption was expected to take some time to recover as the unemployment rate rose and income conditions deteriorated due to the spread of COVID-19.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy was in an extremely difficult situation due to the global spread of COVID-19, which resulted in a decline in inbound demand and a slowdown in economic activity in Japan and overseas. As infections continued to spread, particularly in major cities, the outlook was expected to remain uncertain for the time being. Domestic personal consumption was expected to take some time to recover as the unemployment rate rose and income conditions deteriorated due to the spread of COVID-19.」

「During the first nine months of the current consolidated fiscal year, the Japanese economy remained on a gradual recovery trend led by domestic demand, but the outlook remained uncertain amid US-China trade tensions, the issue of the UK's withdrawal from the EU and rising uncertainty surrounding the situation in the Middle East. Personal consumption temporarily declined due to the reaction to front-loaded demand ahead of the consumption tax increase and the impact of a series of natural disasters, but real income remained positive and consumption was expected to return to a gradual growth trend.」

「Although the economic outlook may show stronger signs of slowing in the short term due to the consumption tax increase, the burden on households is expected to be mitigated by measures to address the tax increase, preventing a sharp decline in consumption and allowing solid growth to continue despite the higher tax. Meanwhile, the outlook remained uncertain due to factors including the impact of US-China trade tensions on the domestic economy.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy continued its gradual recovery, supported by improving corporate earnings and employment and income conditions. Meanwhile, the outlook remained uncertain as the impact of US-China trade tensions on the domestic economy began to emerge.」

「During the consolidated fiscal year, the Japanese economy continued its gradual recovery, supported by solid corporate earnings and favorable employment and income conditions. Meanwhile, labor supply and demand was expected to remain tight due both to the economic recovery and population decline, while the prolonged US-China trade tensions and the resulting slowdown in the Chinese economy reduced the driving force of external demand, leaving the outlook uncertain.」

「During the first nine months of the current consolidated fiscal year, the Japanese economy continued its gradual recovery, supported by solid corporate earnings and favorable employment and income conditions. Meanwhile, labor supply and demand was expected to remain tight due both to the economic recovery and population decline, while the prolonged US-China trade tensions and the resulting slowdown in the Chinese economy reduced the driving force of external demand, leaving the outlook uncertain.」

「During the first half of the current consolidated fiscal year, the Japanese economy continued its gradual recovery, supported by strong corporate earnings and a recovery in domestic demand driven by favorable employment and income conditions. Meanwhile, the outlook remained uncertain due to labor shortages resulting from the prolonged economic recovery, the trade policies of various countries and developments in overseas economies. In the mail-order industry, the market continued to expand as a result of rapid e-commerce growth, but consumers remained strongly deflation-minded, and the industry continued to face a difficult environment due to intensifying price competition among companies and rising delivery costs.」

「During the first quarter of the current consolidated fiscal year, the Japanese economy remained stable on the back of a gradual recovery in domestic and overseas demand, while personal consumption also showed a gradual recovery against a backdrop of improving employment and income conditions.」

「During the current consolidated fiscal year, Japan's economy remained stable on the back of a gradual recovery in domestic and overseas demand, and personal consumption also showed a gradual recovery, supported by improvements in the employment environment. However, although the mail-order industry continued to expand as e-commerce grew rapidly, consumers remained strongly focused on saving, and intense price competition among companies and rising logistics costs continued to make conditions difficult.」

「During the first nine months of the current consolidated fiscal year, Japan's economy remained stable on the back of a gradual recovery in domestic and overseas demand, and personal consumption also showed a gradual recovery, supported by improvements in the employment environment. However, although the mail-order industry continued to expand as e-commerce grew rapidly, consumers remained strongly focused on saving and price competition among companies intensified, leaving the industry in a difficult environment.」

「During the first six months of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, supported by resilient corporate earnings and improvements in the employment environment, but its outlook remained uncertain because of overseas political and economic conditions.」

「During the first quarter of the current consolidated fiscal year, Japan's economy remained on a gradual recovery path, supported by resilient corporate earnings and improvements in the employment environment, but uncertainty increased because of rising labor costs resulting from labor shortages and overseas political and economic conditions. In the mail-order industry, the market continued to expand, but consumers remained strongly focused on saving, and intensifying competition among a growing number of competitors led to more intense price competition.」

「During the third quarter of the current cumulative consolidated reporting period, Japan's economy followed a moderate recovery trend, although the outlook remained uncertain against a backdrop of uncertainty in overseas economies. Although the employment and income environment improved, personal consumption also remained weak.」

「During the second quarter of the current cumulative consolidated reporting period, Japan's economic outlook became uncertain against a backdrop of yen appreciation and uncertainty in overseas economies. Although the employment environment improved, personal consumption also remained weak.」

「During the first quarter of the current cumulative consolidated reporting period, Japan's economy remained stagnant amid yen appreciation and falling share prices. Although the employment environment improved, personal consumption also remained weak.」