Private consumption has also been solid against the background of an improvement in the employment and income situation. Global financial markets have responded temporarily to the increasing seriousness of the situation regarding North Korea, but so far, there have been only limited signs of investors’ risk aversion. Let me elaborate on developments by region. The U.S. and European economies have continued to recover firmly.
Exports have been increasing moderately as global trade activity has recovered. Private consumption has been on a trend increase against the background of an improvement in the employment and income situation. Meanwhile, an upturn in business fixed investment has continued, accompanied by an improvement in corporate profits.