It is important to bear in mind that, despite the deteriorating situation in Europe, the market’s view on the outlook for overseas economies has not yet become too pessimistic, reflecting the improved outlook for the U.S economy. Therefore, attention should be paid to the possibility that if the outlook for the U.S. economy becomes cautious again, disruptions in global financial markets could spread rapidly.
As for emerging economies, the pace of growth has decelerated somewhat due to the effects of monetary tightening and the decline in exports reflecting the slowdown in advanced economies.