"Wait & See (Risk)" (stylized as Wait & See ~リスク~) is a song recorded by Japanese–American recording artist Utada Hikaru for her third studio and second Japanese language album, Distance (2000). It premiered on April 19, 2000 as the second single from the album in Japan. It was written and composed by Utada, whilst production and arrangement was handled by Utada and American duo Jimmy Jam & Terry Lewis. The single also included the two B-side track's; "Hayatochiri" and "Fly Me to the Moon (In Other Words), to which the former song appeared on the parent album. Musically, "Wait & See (Risk)" is an R&B song, influenced by dance-pop and rock.

Upon its release, the track garnered positive reviews from music critics. Many critics highlighted the track as one of Utada's best singles, and commended the production and composition. It was also successful in Japan, peaking at number one on both the Oricon Singles Chart and Tokyo Broadcasting System's (TBS) Count Down TV singles chart. It was certified million by the Recording Industry Association of Japan (RIAJ) for physical shipments of one million units, and is amongst one of the best selling singles in Japan. An accompanying music video was shot by Wataru Takeishi; it features Utada driving through Shibuya, Tokyo on a futuristic hover–cycle, with inter cut scenes of her dancing. It was performed on some of her concert tours, including the Bohemian Summer (2000) and Utada United tours (2006).

"Wait & See (Risk)" was written and composed by Utada, whilst production and arrangement was handled by Utada and American duo Jimmy Jam & Terry Lewis. It was the second time Utada worked with Jam and Lewis, and not with her father Teruzane Utada and Miyake Akira. The song included live instrumentation by Xavier Smith (drum machine) and Dave Barry (bass and acoustic guitar), whilst Jam and Lewis incorporated synthesizers and keyboards. The song was recorded and mixed by Steve Hodge, Indoh Mitsuhiro, and Ugajin Masaaki in 2000 at Flyte Tyme Studios, Minneapolis, Minnesota, and mixed at Flyte Tyme, Edina, Minnesota. It premiered on April 19, 2000 as the second single from Utada's third studio and second Japanese language album, Distance (2001) in Japan. Since then, the song has been remastered and re-released twice; the first on April 1, 2004, and the second time on December 9, 2014 for Utada's first greatest hits album Utada Hikaru Single Collection Vol. 1 (2003).

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