The U.S. and European economies remain in the early stages of recovery, but the pace continues to be moderate due to prolonged balancesheet adjustments. 1 However, economies in Asia, including China, have continued to grow at a relatively rapid pace, in line with the improvement in domestic demand. The world economy as a whole is expected to continue recovering moderately.
2 Japan’s exports are likely to continue increasing, reflecting these economic conditions overseas. 3 It should be remembered, however, that the situation provides little grounds for optimism because the level of economic activity remains low.