Under these circumstances, the Federal Reserve intends to normalize the monetary policy at a moderate pace. I would like to watch how the normalization of interest rates plays out in relation to the duration of the expansionary phase. Second, in Europe, there remain various adjustment pressures; in addition, the refugee problem is emerging as a serious challenge.
For example, an agreement of sorts was reached among relevant countries on the Greek debt problem around the middle of the year. This is supposed to inject capital into banks at an early date in order to maintain financial system stability, but drastic measures to reduce sovereign debt have yet to be drafted.