? Rising geopolitical risks (Ukraine, Middle East)
? Inflation remaining high and continued financial tightening
? Solid U.S., low growth in Japan and Europe, and China in adjustment
phase
? Formation of economic blocs (fragmentation) continues unabated

see & read more on
https://www.smm.co.jp/en/ir/event/roadshow/pdf/2023/231116_setsumeikai_E.pdf