Momentum for the recovery in the European economy has remained weak, although a further slowdown has been staved off. As for the Chinese economy, stable growth has continued as a trend; however, growth momentum has recently slowed with downward pressure from excessive capital stock in the manufacturing sector and adjustments in the real estate market.
Apart from China, emerging and commodity-exporting economies as a whole have continued to lose pace. In this situation, Japan’s exports have been picking up. Real exports, after turning positive in the July-September quarter of 2014 on a quarter-on-quarter basis, have risen for two consecutive quarters.