"Wait & See (Risk)" (stylized as Wait & See ~リスク~) is a song recorded by Japanese–American singer Hikaru Utada for her third studio and second Japanese language album, Distance (2000). It was released 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 tracks, "Hayatochiri" and "Fly Me to the Moon (In Other Words)", with the former song appearing 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 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 intercut scenes of them dancing. It was performed on some of their concert tours, including the Bohemian Summer (2000) and Utada United tours (2006).