The US still has the same share of global GDP that it had 35 years ago, and faces no credible threat to the dollar's dominance. The US economy is larger than the size of Japan + China combined, and is now 250% larger than Japan, and that gap will increase significantly. Canada has become vastly stronger over that time, it has as large of an economy as India with just 2.7% of the population (with not even a small fraction of the problems that India faces).
Mexico's GDP has doubled in 15 years. Brazil has become one of the major GX economies, with an economy 50% larger than Australia or South Korea.
Spain has as big of an economy - even after all the problems they've had - as South Korea (which is the #4 economy in the Pacific region).
Germany, the #2 economy in the West, is likely to pass Japan's economy in size in the next 10 to 15 years (with 1/3 less people). In the last 20 years that Japan has been treading water and taking on vast debt, Germany's economy has doubled in size post re-unification.
Most of the best countries in the world in terms of high standard of living are in Europe.
Meanwhile the Asia Pacific region has nearly two billion people living in what can only be described as intense poverty by Western standards. China alone has ~600 million unemployed captive 'farmers' earning $3 / day, because there are no other jobs for those people to do.
Japan is in such dire condition 40% of their budget goes to paying interest on their debt, their GDP hasn't grown in 20 years, and they've gotten so desperate they've taken to aggressively debasing the Yen to keep their government solvent (rapidly chopping down the Japanese standard of living in the process). Japan is of course Asia's second largest economy.
China has spent the last six years post great-recession faking their growth by taking on $30+ trillion in new debt, in the process becoming one of the most indebted nations on earth.
Japan and China, Asia's two biggest economies, are facing disastrous demographics issues, while they simultaneously drown in debt (a bad combination when you have to take care of a lot of elderly).
Compare the top 20 economies of the West vs the top 20 economies of the Asia Pacific, in terms of incomes, wealth, standard of living - it's not even remotely a close contest. The 10th largest economy in the West is the Netherlands ($50k GDP per capita); compare them to Malaysia ($10k GDP per capita) or Thailand ($5k GDP per capita).
I fail to see how this sum represents a shift to the Asia Pacific economically.