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Japan's Future in East Asia and the Pacific

Japan's Future in East Asia and the Pacific OPEN ACCESS

MARI PANGESTU
LIGANG SONG
Copyright Date: 2007
Published by: ANU Press
Stable URL: http://www.jstor.org/stable/j.ctt24h334
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  • Book Info
    Japan's Future in East Asia and the Pacific
    Book Description:

    Japan's Future in East Asia and the Pacific takes a 'big-picture' approach to Japan's economic place in East Asia alongside that of China. It analyses Japan's successes and experiments in trade policy as well as its failures in macro-economic policy. Japan's diplomatic and economic integration strategies are also examined for their impact on East Asia and on Australia. The collection assesses China's growth and dynamism and questions the nature of the competition for economic influence between Japan and China. Contributors to Japan's Future in East Asia and the Pacific are all graduates of The Australian National University who are making their mark in the region as scholars and economists on East Asian and Pacific affairs.

    eISBN: 978-1-921313-62-2
    Subjects: Economics
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Table of Contents

Export Selected Citations
  1. Preface (pp. xii-xiv)
    Christopher Findlay and David Parsons
  2. Paul Sheard

    The fifteen years until 2005—the post-bubble period—was a challenging one for the Japanese economy. It is almost as if history had played a trick on Japan. At the end of the 1980s, Japan had been riding on the crest of a bubble economy. The stock market and land prices had soared, real GDP had averaged close to 5 percent year-on-year for the previous five years (and nominal growth more than 6 percent), and the coming ‘Pacific century’ appeared to be Japan’s for the taking. By 2005, the stock market was less than 40 percent of its end 1989...

  3. David Walton

    Indonesian and Dutch claims over West New Guinea in the period 1949 to 1962 presented one of the first opportunities for regional dialogue in post-war Australia-Japan relations. The aims of this chapter are to chart changes in the Australian attitude towards Japan’s role in regional affairs and to examine how dialogue on West New Guinea assisted in laying the foundations for further regional cooperation and consultation between the two countries. The chapter examines the beginnings of post-war consultation between Australia and Japan. It is argued that the diplomatic intrigues involving the West New Guinea dispute (1952 to 1962) led to...

  4. Takashi Terada

    Australia’s engagement with East Asia and the Pacific was widely perceived to be its overriding foreign policy priority during the 1980s and 90s, especially when Prime Ministers Hawke and Keating were in power. Australia was actively engaged in regional economic diplomacy. The partnership with Japan functioned successfully as part of Australia’s strategy through their joint initiatives in establishing regional economic institutions such as the Pacific Economic Cooperation Council (PECC) in 1980 and the Asia Pacific Economic Cooperation (APEC) forum in 1989, each serving as catalysts in promoting Australia’s regional engagement at that time. These regional institutions were designed to promote...

  5. Hidetaka Yoshimatsu

    In the 1990s, regional economic arrangements including free trade agreements (FTAs) became a popular way of promoting trade liberalisation and market integration. Japan, as an economy possessing exceptionally diverse export markets, had long taken a cautious stance on regional economic arrangements with a discriminatory nature. The Japanese government deemed economic arrangements with specific countries as contradicting the spirit of the General Agreement on Tariffs and Trade (GATT)/ World Trade Organization (WTO) as well as stunting the growth of overall trade.

    However, intensive moves worldwide towards FTAs and regionalism have prompted Japan to reconsider its basic trade policy stance. Only in...

  6. Christopher Pokarier

    Open borders facilitate economic prosperity but entail risks. Whilst the promotion of further economic openness remains a formal objective of Japanese government policy, this imperative is tempered by politically salient national security concerns that are both broad in scope and deeply complex. Since 2000, a series of diverse and significant negative events—such as terrorism, crime, disease, and economic nationalism abroad—have impacted upon the perceived risks of open borders and reliance upon international supply chains. These developments have given rise not only to demands for specific public policy and private sector initiatives in response to such perceived threats, but...

  7. Adam Johns

    Due to a critical mass of high-tech manufacturers and the resultant intensity of domestic competition, Japan has long been a hotbed of innovation in various manufacturing and services sectors. Yet despite this potential for domestic competition to fuel international competitiveness of locally developed innovations, many Japanese firms have faced difficulties in expanding operations overseas. While exports of technology-centric manufactures have achieved considerable success, process or knowledgeintensive exports of services that are reliant on tacit communication have been more problematic for Japanese firms, despite some innovative and efficient services sector operating in the domestic market. It is not surprising thus that...

  8. Ligang Song, Tina Chen and Shiji Zhao

    Trade has been a key component in the successful story of East Asian development since the region embarked on its modernisation drive in the 1960s. Through trade and the associated export-oriented strategy and regional economic cooperation, the East Asian economies have been connected closely with each other in climbing up the ladder of development, led first by Japan, the newly industrialising economies (NIEs), and then ASEAN, China, Vietnam, India and other South Asian countries. As a result, within a half century, the East Asia as a whole has changed from a peripheral region to one of the most dynamic and...

  9. Roger Farrell and Mari Pangestu

    Over the last half century, Japan has been the dominant economy in East Asia and a key source of trade and investment flows to other economies in the region.¹ Japanese investment in East Asia provided capital, technology and management flows as firms invested to facilitate trade, to secure resources and energy and to relocate production in response to yen appreciation, rising labour costs and other constraints in the domestic economy. Investors sought to maintain their international competitiveness by relocating production to other East Asian economies as Japan’s comparative advantage moved from light industrial products to more sophisticated and higher technology...

  10. Dong Dong Zhang

    China’s rapid growth and integration into the world economy present ASEAN countries¹ with enormous business opportunities and competition. China has become a major driver of the region’s growth. Rapid expansion of China’s industries, exports, and consumer markets has led to a surge of demand for raw materials, energy, intermediate products, final goods, and services of all kinds from ASEAN countries. At the same time, the ASEAN and Chinese economies compete in their home and in third country markets, particularly in labour-intensive products. In the face of China’s competition, there is growing consensus that ASEAN’s only viable option is to undertake...

  11. Yiping Huang and Xinpeng Xu

    Economic growth in China in the last two decades has been most spectacular. With annual growth of about 9 percent, China has attracted tremendous attention worldwide. Few would dispute that China is now one of the important engines of growth in the world economy.

    Perhaps less well known is the fact that China had been the most powerful and biggest state in the world for nearly two millenniums. Until the nineteenth century, China’s share of world GDP was higher than that of all of Western Europe combined. China accounted for about a quarter of the world GDP from the beginning...