【正文】
drawn ? strong momentum, but balance sheets? Restraining factors ? debts are high, spare capacity, assets prices vulnerable, external deficit 20xx are great, but business conditions tougher in 20xx06? Japan Domestic economy is restructuring ? under cover of export led growth But needs more time ? SME weakness, overcapacity, no pricing power ? cannot yet offset export slowdown Export deceleration will stall reform ? still a long way to go before domestic recovery in place Euro zone outlook Only a sluggish recovery ? exports ? but the euro ? restocking, capex ? business subdued ? consum