(1) slower-than expected global economic recovery due to a slowdown in China and other Asian economies,
(2) a shift in global trade structure that has reduced benefit of global economic recovery on global trade growth,
(3) higher public spending than previous assessment, especially public investment, and
(4) increased global oil prices in the second quarter of 2015.
In light of the aforementioned economic assessment, the MPC lowered the growth projection for 2015, and judged that the risks around the central projection are skewed to the downside.