In particular, there are concerns about the impact of unstable political situations in some of these countries on trade with Japan, for example.
Among emerging and commodity-exporting economies, some of them – which have structural vulnerabilities such as current account deficits – saw nervousness in their markets at one point as the Federal Reserve proceeded to reduce the pace of its asset purchases, but the situation recently regained stability. B.  Japan’s economic activity and prices  1. Current situation  a.