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Contemporary Asia in the World
Japan's New Regional Reality: Geoeconomic Strategy in the Asia-Pacific
Since the mid-1990s, Japan’s regional economic strategy has transformed. Once characterized by bilateralism, informality, and neomercantilism, Japanese policy has shifted to a new liberal strategy emphasizing regional institution building and rule setting. As two major global powers, China and the United States, wrestle over economic advantages, Japan currently occupies a pivotal position capable of tipping the geoeconomic balance in the region.
Japan’s New Regional Reality offers a comprehensive analysis of Japan’s geoeconomic strategy that reveals the country’s role in shaping regional economic order in the Asia-Pacific. Saori N. Katada explains Japanese foreign economic policy in light of both international and domestic dynamics. She points out the hurdles to implementing a state-led liberal strategy, detailing how domestic political and institutional changes have been much slower and stickier than the changing regional economics. Katada highlights state-market relations and shows how big businesses have responded to the country’s interventionist policies. The book covers a wide range of economic issues including trade, investment, finance, currency, and foreign aid. Japan’s New Regional Reality is a meticulously researched study of the dynamics that have contributed to economic and political realities in the Asia-Pacific today, with significant implications for future regional trends.
Japan’s New Regional Reality offers a comprehensive analysis of Japan’s geoeconomic strategy that reveals the country’s role in shaping regional economic order in the Asia-Pacific. Saori N. Katada explains Japanese foreign economic policy in light of both international and domestic dynamics. She points out the hurdles to implementing a state-led liberal strategy, detailing how domestic political and institutional changes have been much slower and stickier than the changing regional economics. Katada highlights state-market relations and shows how big businesses have responded to the country’s interventionist policies. The book covers a wide range of economic issues including trade, investment, finance, currency, and foreign aid. Japan’s New Regional Reality is a meticulously researched study of the dynamics that have contributed to economic and political realities in the Asia-Pacific today, with significant implications for future regional trends.
- GenresJapan
344 pages, Hardcover
Published July 7, 2020
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Displaying 1 - 2 of 2 reviews
November 10, 2020
After listening to Japan on the Record's interview with the author I picked up this book to learn more about Japan's strategic thinking within Asia. This book is specifically about geoeconomic strategy, and pretty academic, but I appreciated its breadth as it covered quite a bit of economic history that I only knew pieces of. There are lots of interesting threads here to follow up on if you are working on issues involving post-war Japan.
Katada's key argument is that Japan's geoeconomic strategy, while trending towards regionalism, has a mix of approaches across different areas, some more successful than others. Katada offers analysis of three areas: Trade has seen the biggest move from bilateralism, as demonstrated by Japan's leadership on TPP+11, with a focus on building an environment where Japanese businesses can thrive. In finance, the Asian financial crisis spurred Japan to promote formal rules and standards, it made some headway in Asian bonds, but was not able to internationalize the yen. Foreign aid remains bilateral, but has evolved into a more values-based policy, building institutions where private firms would be able to implement projects (which they resist due to perceived risk).
One insight I appreciated has been the disembedding of Japanese businesses from government policy. This has all sorts of implications for Japanese policymakers, as she details in the book. Japan's geoeconomic strategy is not the developed in the unified way it was in the post-war period. That said, the newest threat of BRI might see the Japanese government reinvent its usefulness in developing regional geoeconomic strategy. There is opportunity for Japan.
Katada's key argument is that Japan's geoeconomic strategy, while trending towards regionalism, has a mix of approaches across different areas, some more successful than others. Katada offers analysis of three areas: Trade has seen the biggest move from bilateralism, as demonstrated by Japan's leadership on TPP+11, with a focus on building an environment where Japanese businesses can thrive. In finance, the Asian financial crisis spurred Japan to promote formal rules and standards, it made some headway in Asian bonds, but was not able to internationalize the yen. Foreign aid remains bilateral, but has evolved into a more values-based policy, building institutions where private firms would be able to implement projects (which they resist due to perceived risk).
One insight I appreciated has been the disembedding of Japanese businesses from government policy. This has all sorts of implications for Japanese policymakers, as she details in the book. Japan's geoeconomic strategy is not the developed in the unified way it was in the post-war period. That said, the newest threat of BRI might see the Japanese government reinvent its usefulness in developing regional geoeconomic strategy. There is opportunity for Japan.
February 25, 2022
When it comes to business and geoeconomic strategy, delving through history yields a lot of insight. In both cases, a lot of information is lost or hidden; what that exists, is revelatory. Recommended.
Displaying 1 - 2 of 2 reviews