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Notes
- 1.
We thank Jason Enia for his excellent research assistance. We also appreciate comments from the participants of the conference on “Northeast Asia's New Institutional Architecture and Community Building in a Post 9/11 World,” especially our discussant Steven Vogel. Jonathan Chow, Edward Fogarty, and Kristi Govella provided valuable feedback and editorial assistance during the revision process.
- 2.
Ashizawa 2004.
- 3.
Since discussing the concept of region per se is beyond the scope of this paper, we simply adopt the definition of region in Pempel 2005, 4: a “contiguous territorial area having sufficiently clear internal cohesion and definitive external boundaries.” By this definition, the United States fails to qualify as a regional partner to Japan.
- 4.
- 5.
On the “Yoshida Doctrine” see Pyle 1992, 21.
- 6.
Nye 1995.
- 7.
The fear of abandonment is one of the two security dilemmas; the other is the fear of entrapment.
- 8.
Green 2001.
- 9.
Ozawa 1994.
- 10.
For example, the 1995 incident of three marines raping a 12-year old girl in Okinawa led to a high-profile national and bilateral debate on the validity (and the fairness) of US military presence in Japan (especially concentrated in Okinawa).
- 11.
Due to heated and prolonged debates, it took almost two years to pass three pieces of legislation that would enable Japan to provide broader support to the US military forces.
- 12.
Ashizawa 2004.
- 13.
On July 5, 2006, the North Korean military launched six more missiles into the Japan Sea, putting the Japanese government on high alert.
- 14.
See the introduction to this volume by Aggarwal and Koo.
- 15.
Katada 2001. The aid suspension was lifted in March 1997 after China signed the UN CTBT in September 1996.
- 16.
The failure of two large financial institutions (Hokkaido Takushoku Bank and Yamaichi Securities) in the fall of 1997 shocked many who had long believed that major financial institutions enjoyed the government's implicit guarantees against bankruptcy. The influence of Japan's domestic financial crisis on its actions in the regional one is discussed in Amyx 2001.
- 17.
- 18.
- 19.
Wesley 1999 analyzed three major regional institutions—APEC, ASEAN and the Asian Development Bank (ADB)—and concluded that none of the actions taken by those institutions effectively mitigated the crisis.
- 20.
- 21.
“Far Eastern Economic Review: Pacific Divide,” The BurmaNet News, 6 November 1997; and Congressional Press Releases 8 August 1995.
- 22.
IMF loans are generally deemed to unlock private flows, but the amount of these packages does actually matter. This is demonstrated by the fact that since the Mexican peso crisis of 1994–95, the standard 300% maximum for the IMF loans has been stretched to 688% to meet immediate liquidity needs. The IMF made even more pronounced exceptions during the Asian crisis, extending financial assistance of $3.9 billion to Thailand (505% of its IMF quota), $10 billion to Indonesia (490%), and $21 billion to South Korea (1,939%).
- 23.
Midford 2003 argues that US pressure, Koizumi's extraordinary popularity, and the permissive attitude of its East Asian neighbors towards such deployments helped Japan expand the range of action of Japanese military personnel overseas. See also Friman, Katzenstein, Leheny and Okawara 2006, 89.
- 24.
Japanese troops remained in Iraq until mid-July 2006. “Japan troops withdraw from Iraq,” BBC, 18 July 2006. Available from <http://news.bbc.co.uk/2/hi/asia-pacific/5189806.stm>.
- 25.
US negotiators were not able to push Japan to lift its 5-year ban on US beef imports strongly, for fear of losing Japanese support on its war in Iraq.
- 26.
The future of cooperation on antiterrorism via APEC is unclear, however. Among the countries of Southeast Asia with a large Muslim population, the pressure from the United States to get tough on terrorist organizations has generated resentment. They face the challenge of balancing regional support for the Bush administration and regional aversion to any compromise of state sovereignty imposed by unyielding tactics of the United States. Even for Japan, expanding the war on terror in South East Asia poses substantial risks, given the lack of domestic counterterrorism measures, the possible deterioration of relations with neighboring countries, and negative public opinion if Japanese nationals become targets of terrorist groups. See Leheny 2001.
- 27.
Lincoln 2004.
- 28.
- 29.
FTA talks with Korea have been deadlocked since November 2004.
- 30.
METI 2005; and Solís and Urata 2007.
- 31.
- 32.
- 33.
Munakata 2006, 12–103 also notes that while the AFC was not the major cause for the turn to trade regionalism, it increased the interest of crisis-stricken countries in FTAs to attract FDI and carry out structural reforms. In this context, Japan's integration initiatives were received more positively.
- 34.
and 2000 White Papers
- 35.
- 36.
Ravenhill 2001.
- 37.
Krauss 2003.
- 38.
Ravenhill 2003, 299 refers to this phenomenon as “liberalization without political pain.”
- 39.
For a more theoretical account of the lure of bilateral trade forums for agenda control purposes see Pekkanen, Solís, and Katada 2007.
- 40.
Author interviews with several METI officials and Japanese academics, summer 2005.
- 41.
From the beginning, MOFA favored bilateral FTAs as a way to strengthen diplomatic relations with each Southeast Asian nation. Author interviews with MOFA officials, summer 2005.
- 42.
Ethier 1998.
- 43.
Ravenhill 2003, 307.
- 44.
Note: Exports, imports and FDI shares represent averages for 1999 to 2004. GDP data from UN Human Development Report 2005. Available from <http://undp.org>. Trade data from JETRO 2005. FDI data from MOF.
- 45.
- 46.
Although the business umbrella organization Keidanren has endorsed FTA negotiations with the United States and Europe, so far no official action has taken place. On Keidanren's position, see “Joint Statement. US—Japan Economic Partnership Agreement,” January 19, 2007; and “Call for the Start of a Joint Study Group for a Japan—EU Economic Partnership Agreement,” June 12, 2007. Available from http://www.keidanren.or.jp/english/policy>. Accessed on 12 July 2007.
- 47.
Lincoln 2004.
- 48.
- 49.
Officially, plywood was placed in the category of “renegotiation,” which only means that at a future date liberalization of this sector can be considered, but there are no guarantees that concessions will be made.
- 50.
Ahearn 2005, 7.
- 51.
“Singapore issues” refers to the topics of investment protection, competition policy, transparency in government procurement, and trade facilitation, so named because they were initially addressed at the 1996 WTO Ministerial Conference in Singapore. Disagreements between developed and developing economies prevented resolution on these issues within the WTO, however, and limited progress has only been achieved in the area of trade facilitation.
- 52.
By “hard” obligations we mean those that are actionable through a dispute settlement mechanism; by “soft” commitments we mean non-mandatory, non-actionable items.
- 53.
Aoki 2004, 11.
- 54.
Ahearn 2005, 1.
- 55.
Mulgan 2005.
- 56.
- 57.
Hatakeyama 2002.
- 58.
Ogita 2003, 221, 242.
- 59.
Solís 2003.
- 60.
Solís and Katada 2007b.
- 61.
Mulgan 2005, 288—296.
- 62.
Pempel and Urata 2005, 90.
- 63.
For instance, even though many in the Japanese business community believe an FTA with China could bring important benefits in terms of investment protection and policy transparency, they are not actively petitioning for FTA talks because of the present climate of hostility in bilateral relations. See Solís 2006.
- 64.
Pempel and Urata 2005, 78.
- 65.
Author interviews, summer 2005.
- 66.
The three governments, Thailand, Indonesia, and South Korea went first and directly to the Japanese government for its bilateral support at the onset of their respective currency crises to avoid IMF involvement, but all of them were turned away. See Katada 2001.
- 67.
Hughes 2000 views the AFC as a blessing in disguise because it provoked Japan to take leadership in establishing regional financial arrangements.
- 68.
The responses of Asian leaders were partly political in nature. It was politically much easier to blame the IMF for the economic pain than to address the issue of mismanagement and responsibility of the government in fostering these crises. Higgott 1998 calls this the “politics of resentment.”
- 69.
Interview with a former Bank of Tokyo executive, Tokyo, Japan, June 2004.
- 70.
Source: MOF “Regional Financial Cooperation among ASEAN+3.”
- 71.
Lee 2006. Hamiton-Hart 2006, 110 however, argues that those regional financial arrangements were not intentionally structured to keep the United States out.
- 72.
The CMI consists of two components. One is the expanded ASEAN Swap Agreement (ASA), a regional swap currency facility from which each member can draw from up to a set-amount. The other is the newly established network of Bilateral Swap Arrangement (BSA) and repurchase arrangements among all the members of ASEAN+3. See Henning 2002, 13–14; and Park and Wang 2005, 93–94.
- 73.
When the idea of multilateralization was first announced, the Far Eastern Economic Review hailed it as “Thinking the Unthinkable,” 8 April 2004.
- 74.
Available from <http://www.mof.go.jp/jouhou/kokkin/frame.html >. Accessed on 12 July 2007. The MOF official in charge of regional cooperation, however, clearly noted that this multilateralization will not mean the rebirth of the AMF. No standing institution (like the IMF) is currently envisioned.
- 75.
The rise of Japan and possibility of the yen bloc was, of course, a major concern for other economic powers, especially the United States. But neither journalistic accounts (Economist, 15 July 1989) nor academic analyses (Frankel 1999) found strong evidence of yen bloc formation during this period.
- 76.
In 1996, at the time of Japan's “Big Bang” announcement by then-Prime Minister Ryutaro Hashimoto, internationalization of the yen was proposed as one way to heighten the global importance of the country's financial market. However, urgency for the movement was added by the AFC.
- 77.
- 78.
The only two stable exchange rate regimes are a single currency such as the euro or free floating.
- 79.
- 80.
Council on Foreign Exchange and Other Transactions 1999, 1–2.
- 81.
For example, non-residents and foreign corporations that earned interest income from Japanese government bonds are now exempt from withholding taxes. The Japanese government also decided to diversify the maturity of government bonds to make them more attractive. Settlement systems have also been improved to facilitate cross-border transactions.
- 82.
- 83.
IIMA 2002.
- 84.
Thailand initiated discussion of an Asian bond market in 2002, with Prime Minister Thaksin proposing that members of ASEAN+3 contribute one percent of their respective country's foreign exchange reserves to launch a regional fund to purchase Asian bonds. The EMEAP (Executives' Meeting of East Asia and Pacific Central Banks) set up the ABF in June 2003. The central banks of eleven Asia-Pacific countries (including Australia and New Zealand) pledged $1 billion for the purchase of semi-sovereign and sovereign bonds from less advanced countries in the region (i.e., excluding Japan, Australia or New Zealand). At this stage, the bonds that this fund would purchase were all US dollar-denominated. In June 2005, however, as the second phase of the Asian Bond Fund (ABF2) was launched, the fund began to invest in bonds denominated in Asian currencies with a $2 billion fund. The third phase of ABF, currently being discussed, aims at providing credit enhancement to sovereign and private Asian bonds. Business Times Singapore, 16 November 2005.
- 85.
Online <http://www.mof.go.jp/english/if/regional_financial_cooperation.htm >, accessed on September 2006.
- 86.
Several local-currency bonds have been issued since the establishment of ABMI including South Korea, Thailand, China, the Philippines, Malaysia and Indonesia.
- 87.
The six working groups are: New securitized debt instruments (WG1); Credit guarantee and investment mechanisms (WG2); Foreign exchange transactions and settlement issues (WG3); Issuance of bonds denominated in local currencies by Multilateral Development Banks (MDBs), foreign government agencies, and Asian multinational corporations (WG4); Rating systems and information dissemination on Asian bond markets (WG5); and Technical assistance coordination (WG6).
- 88.
Anthony Rowley, “New US$1.5 billion Asian bond fund to be launched: It will invest in bonds denominated in Asian currencies,” Business Times Singapore, 17 November 2003.
- 89.
Hamashita 1997 argues that Japan has historically used the West to counterbalance China.
- 90.
Grieco 1997 argues the dramatic “relative disparity shift” taking place in East Asia prevents the region from formalizing the regional institutions despite their high economic interdependence.
- 91.
According to some, the U.S push to negotiate a Free Trade Area of the Asia-Pacific during the November 2006 APEC meeting in Hanoi was an attempt to both revive the Doha Round and to prevent the creation of an inward looking East Asian economic bloc. See Sugawara 2007 for a discussion of US motives. However, the obstacles to this initiative are very high since it would entail abandoning the core APEC principles of voluntarism and non-discrimination, and the American Congress refused in the summer of 2007 to extend fast track authority to the Executive.
- 92.
While China supported membership for the ASEAN+3 nations only, Japan advocated the inclusion of India, Australia, and New Zealand.
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Katada, S.N., Solis, M. (2009). Under Pressure: Japan's Institutional Response to Regional Uncertainty. In: Aggarwal, V.K., Koo, M.G., Lee, S., Moon, Ci. (eds) Northeast Asia. The Political Economy of the Asia Pacific. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-79594-0_4
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