A continuation of monetary tightening in the United States would indicate that economic conditions there are deemed to be favorable. If the momentum of economic activity is judged as weak, the rate rise will be postponed. As for China, there is room for adequate fiscal and monetary measures.
I do not expect that these developments will intensify negative impacts on emerging and commodity-exporting economies or on Japan’s economy. In contrast, the substantial decline in crude oil prices has been exerting an extremely large impact on recent developments in the global economy and financial conditions worldwide, regardless of whether such decline was the cause or the consequence of these developments. A.