Investor Presentaiton
Economic outlook
■ Expect moderate growth of the world economy as the economy normalizes through gradual
mitigation of COVID-19 impact. However, we should be cautious on the drag on global economic
growth such as rising commodity prices due to the situation in Russia and Ukraine, accelerating
inflation and rising market interest rates in the US.
Real GDP 1
Currently
(2022 Q2)
110
105
2
TOPIX
FX (USD/JPY) 2
(Pt)
Currently
(JPY/USD)
Currently
(%)
(2022 Q2)
(2022 Q2)
3.5
130
2,200
USA
2,000
100
Japan
1,800
95
90
2020
2022
2024
1,600
1,400
2020
125
120
3.0
2.5
115
2.0
110
105
1.5
1.0
U.S. 10Y
treasury interest rate²
Currently
(2022 Q2)
100
0.5
2022
2024
2020
2022
2024
2020
2022
2024
1. Using quarterly average of 2019 as a baseline of 100. 2. Quarterly average.
MIZUHO
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