A look at financial and economic conditions at home and abroad between December 2022 and February 2023 finds the following. The global economic slowdown continued, affected by the ongoing monetary policy tightening in major economies and the spread of COVID-19 in China, but the degree was milder than expected. In the United States, the growth rate in the fourth quarter last year was higher than expected amid a solid labor market, and the number of persons employed and retail sales also rose in January this year. In the euro area, the trend of an economic slowdown continued, but contrary to concerns the economy recorded positive growth as energy supply-demand conditions did not worsen in line with efforts at energy replacement and reduction in energy demand, and with unusually warm weather. China’s growth was tepid in the fourth quarter last year due to the spread of COVID-19, but signs of improvement appeared in line with the reopening of its economy this year. Japan’s economic growth continued, driven by domestic demand, but its growth momentum weakened due to sluggish exports.