Nevertheless, as these factors contain numerous inherent uncertainties, market developments require continued attention. 2. Overseas economies  Under these circumstances, the extent of deceleration in many overseas economies became more pronounced through summer 2012 due in part to the anxiety in global financial markets reflecting concern over the European debt problem.
Overseas economies remained in a deceleration phase thereafter, but at present, while the euro area economy remains stagnant, the U.S. and Chinese economies show some positive developments. As for the outlook, assuming that global financial markets remain stable on the whole, overseas economies are expected to gradually emerge from the deceleration phase and turn to a moderate recovery. 3.