The mechanism of aggregate income formation has been relatively robust and business sentiment at a high level (Chart 7). Thus, it seems that the economy has been resilient recently to exogenous shocks to a certain extent, such as the slowdown in overseas economies.
For example, if economic policies in Europe are sound, the dollar’s international status would likely diminish somewhat and the euro’s international status would increase, reflecting the prosperity of the euro-area economy and its role in the global marketplace.