An object of the present invention is to provide novel carbazole derivatives,solvates thereof, or pharmaceutically acceptable salts thereof having anexcellentadipose tissue weight reducing effect, hypoglycemic effect, and hypolipidemiceffect,which are useful as a preventive and/or therapeutic agent for fatty liver,obesity, lipidmetabolism abnormality, visceral adiposity, diabetes, hyperlipemia, impairedglucosetolerance, hypertension, non-alcoholic fatty liver disease, non-alcoholicsteatohepatitis, and the like.The above-mentioned object can be achieved by carbazole derivatives,solvates thereof, or pharmaceutically acceptable salts thereof, wherein thecarbazolederivatives are represented by the following general formula (I):(see formula I)(In the formula (I), the ring A represents phenyl group or the like； Xrepresents -O- orthe like； Y represents =N- or the like； a and b represent methylene group orthe like；both V and Z represent -O- or the like； W represents a C1-C10 alkylene groupwhose 1or 2 hydrogen atoms may be substituted by a phenyl group or a C1-C6 alkylgroup；1,2-phenylene group； 1,3-cyclohexyl group； or the like； R1 represents methylgroup orthe like； R2 represents methoxy group or the like； and R3 represents carboxygroup orthe like.)
