Global financial markets and overseas economies On the other hand, global financial markets have been nervous since the turn of the year; the yen has appreciated as investors sought a safe haven due to elevated risk aversion against the backdrop of declining global stock prices resulting from the further decline in crude oil prices and looming uncertainty such as over future developments in the Chinese economy.
Next, I would like to explain the current situation of and outlook for overseas economies that are creating turmoil in global financial markets. To give an overview of the recent developments, overseas economies – mainly advanced economies – have continued to grow at a moderate pace on the whole, despite the slowdown in emerging economies.