For example, the Asian currency crisis of 1997 and the bursting of the IT bubble in 2001 had a considerable impact on Japan's economy. Business cycles across economies worldwide have become more closely correlated as globalization has progressed.
In the recent recovery phase, uncertainty has attended the outlook for external demand due to factors such as the unpredictability of geopolitical developments and the surge in crude oil prices. Despite persistently high crude oil prices, there is less concern about the sustainability of overseas economic growth, and particularly the United States and China continue to expand steadily.