Uncertainty about the financial system problem in Japan persisted, and the fall in stock prices, including bank shares, became rather marked. Fortunately, these uncertainties have decreased since the early summer. The actual operation of the war in Iraq concluded relatively early, and the effects of SARS have been less than many people feared.
We have even begun to observe some signs of recovery in the demand for IT-related goods, although we have not yet fully confirmed the extent of their adjustment. In these circumstances, pessimistic views on the economic outlook have receded, and an increasing number of people have become confident about a rebound of world economic growth from the second half of this year.