Today, I would like to explain the Bank's view on developments in economic activity and prices as well as the recent conduct of monetary policy, while outlining the July Outlook Report. I. Financial and Economic Developments Since this May, when the Reiwa era started, protectionist moves including the U.S.-China trade friction have intensified, and uncertainties over the outlook for the global economy have heightened.
In this situation, financial markets in each economy have continued to show large fluctuations. Let me first talk about the current situation for overseas economies. Although overseas economies have been growing moderately on the whole, slowdowns have continued to be observed (Chart 1).