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In this important new book, C.H. Kwan asks whether the Japanese yen can, or will, replace the dollar as the key currency in East Asia. Kwan analyzes the implications for Japan and Asia's developing countries should they come together to form a yen bloc—a grouping of countries that use the yen as an international currency and maintain stable exchange rates against the yen. Combining academic analysis with his experience advising the Japanese prime minister and the Japanese minister of finance, Kwan concludes that a yen bloc might benefit Asia's developing countries—as well as Japan—while contributing to a more stable international monetary order. Kwan's book represents the first attempt to explore systematically the possibility of monetary integration in Asia. It also provides a vision for regional integration in Asia in the twenty-first century.
" In this important new book, C.H. Kwan asks whether the Japanese yen can, or will, replace the dollar as the key currency in East Asia. Kwan analyzes the implications for Japan and Asia's developing countries should they come together to form a yen bloc--a grouping of countries that use the yen as an international currency and maintain stable exchange rates against the yen. Combining academic analysis with his experience advising the Japanese prime minister and the Japanese minister of finance, Kwan concludes that a yen bloc might benefit Asia's developing countries--as well as Japan--while contributing to a more stable international monetary order. Kwan's book represents the first attempt to explore systematically the possibility of monetary integration in Asia. It also provides a vision for regional integration in Asia in the twenty-first century. "
This volume explores East Asia's macroeconomic experience in the 1980s and the economic impact of East Asia's growth on the rest of the world. The authors explore the causes of capital flows, changes in trade balances, and exchange rate fluctuations in East Asia and their effects on other countries. These fourteen papers are organized around four themes: the overall determinants of growth and trading relations in the East Asian region; monetary policies in relation to capital controls and capital accounts; the impact of exchange rate behavior on industrial structure; and the potential for greater regional integration. The contributors examine interactions among exchange rate movements, trade balances, and capital flows; how government monetary policy affects capital flows; the effect of exchange rates on industrial structure, inventories, and prices; and the extent of regional integration in East Asia.
As Japan's newfound economic power leads to increased political power, there is concern that Japan may be turning East Asia into a regional economic bloc to rival the U.S. and Europe. In Regionalism and Rivalry, leading economists and political scientists address this concern by looking at three central questions: Is Japan forming a trading bloc in Pacific Asia? Does Japan use foreign direct investment in Southeast Asia to achieve national goals? Does Japan possess the leadership qualities necessary for a nation assuming greater political responsibility in international affairs? The authors contend that although intraregional trade in East Asia is growing rapidly, a trade bloc is not necessarily forming. They show that the trade increase can be explained entirely by factors independent of discriminatory trading arrangements, such as the rapid growth of East Asian economies. Other chapters look in detail at cases of Japanese direct investment in Southeast Asia and find little evidence of attempts by Japan to use the power of its multinational corporations for political purposes. A third group of papers attempt to gauge Japan's leadership characteristics. They focus on Japan's "technology ideology," its contributions to international public goods, international monetary cooperation, and economic liberalization in East Asia.
This study investigates the Japanese experiment with financial imperialism--or "yen diplomacy"--at several key moments between the acquisition of Taiwan in 1895 and the outbreak of the Sino-Japanese War in 1937, and how these practices impacted the development of receiving nations and defined their geopolitical position in the postcolonial world.
The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.
The post–World War II paradigm that ensured security and prosperity for the Japanese people has lost much of its effectiveness. The current generation has become increasingly resentful of the prolonged economic stagnation and feels a sense of drift and uncertainty about the future of Japan's foreign policy. In J apanese Foreign Policy at the Crossroads, Yutaka Kawashima clarifies some of the defining parameters of Japan's past foreign policy and examines the challenges it currently faces, including the quagmire on the Korean Peninsula, the future of the U.S.-Japan alliance, the management of Japan-China relations, and Japan's relation with Southeast Asia. Kawashima—who, as vice minister of foreign affairs, was Japan's highest-ranking foreign service official—cautions Japan against attempts to ensure its own security and well-being outside of an international framework. He believes it is crucial that Japan work with as many like-minded countries as possible to construct a regional and international order based on shared interests and shared values. In an era of globalization, he cautions, such efforts will be crucial to maintaining global world order and ensuring civilized interaction among all states.
"The Greater East Asia Co-Prosperity Sphere offers a lucid, dynamic, and highly readable history of Japan's attempt to usher in a new order in Asia during World War II." ― Cross-Currents: East Asian History and Culture Review In The Greater East Asia Co-Prosperity Sphere, Jeremy A. Yellen exposes the history, politics, and intrigue that characterized the era when Japan's "total empire" met the total war of World War II. He illuminates the ways in which the imperial center and its individual colonies understood the concept of the Sphere, offering two sometimes competing, sometimes complementary, and always intertwined visions—one from Japan, the other from Burma and the Philippines. Yellen argues that, from 1940 to 1945, the Greater East Asia Co-Prosperity Sphere epitomized two concurrent wars for Asia's future: the first was for a new type of empire in Asia, and the second was a political war, waged by nationalist elites in the colonial capitals of Rangoon and Manila. Exploring Japanese visions for international order in the face of an ever-changing geopolitical situation, The Greater East Asia Co-Prosperity Sphere explores wartime Japan's desire to shape and control its imperial future while its colonies attempted to do the same. At Japan's zenith as an imperial power, the Sphere represented a plan for regional domination; by the end of the war, it had been recast as the epitome of cooperative internationalism. In the end, the Sphere could not survive wartime defeat, and Yellen's lucidly written account reveals much about the desires of Japan as an imperial and colonial power, as well as the ways in which the subdued colonies in Burma and the Philippines jockeyed for agency and a say in the future of the region.
At the heart of the empire Japan won and then lost in the Pacific War was Manchukuo, a puppet state created in Northeast China in 1932. Not unlike India for the British, Manchukuo was the crucible and symbol of empire for the Japanese. In this book, the first social and cultural history of Japan's construction of Manchuria, Louise Young studies how people at home imagined, experienced, and built the empire that so threatened the world.