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Economic analyst Mariko Mabuchi believes that people should start with a macro perspective rather than focusing on current panic. The stock market is rising despite Iran remaining a major geopolitical risk, with the Nikkei 225 index erasing all declines since the war. She also pointed out that oil prices have fallen below $100 per barrel and the pattern of falling Japanese stock market prices that typically accompanies rising oil prices since April 3 has begun to weaken, which should not be ignored. However, the Japan Economic Observer Outlook Index dropped by 11.3 points in March to 38.7, the lowest level since the outbreak. Mabuchi specifically noted that this is a significant deterioration and suggests that consumers may further cut spending. But she also believes that these weak indicators do not reflect the overall market, as if investors truly believed that the Iran crisis would trigger a long-term, oil-driven economic downturn, they would not be buying stocks. The market may have already begun to move away from current panic and is starting to incorporate stability into pricing.