ab 19 August 2025 This report has been prepared by UBS Securities Japan Co., Ltd.. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 46. Global Research Japan Economic Presentation Japan Economic Outlook 2025-2027: Normalization to slow but not end Economics Japan Masamichi Adachi Economist masamichi.adachi@ubs.com +81-3-5208 6214 Key message (as of August 19, 2025) Global and Japanese economy to stall with the US tariff ...