Professor Uno Shigeki (University of Tokyo) vs Professor Nakakita Koji (Hitotsubashi University) Reflecting on the Upper House election in July 2022 Uno Shigeki: The Upper House election in July produced a landslide for the ruling coalition, but since the rate of votes obtained by proportional representation has been decreasing little by little with each election, one would have to say that rather than overwhelming support winning the day for the ruling coalition, the opposition parties have self-destructed. The Constitutional Democratic Party of Japan (CDPJ), in particular, has kept its position as the leading opposition party in terms of the number of parliamentary seats, but in terms of proportional representation, it has been overtaken by the Japan Innovation Party (JIP). The present Upper House election should have been one election, but to me it appears as if two games played out. For the Liberal ... ... [Read more]

  Nakazato Toru, Associate Professor, Sophia University   Abenomics came to an abrupt end without sufficient evaluation or summation. Its general form has continued in the economic policy of the Kishida Fumio administration, and it can be said that Abenomics is still ongoing, but there is no guarantee that this drama will continue as it has in the past without its leading actor. Concerns about a weak yen and high prices have also raised calls for a review of monetary easing. It will take considerable time to take a step back and position Abenomics in history from an objective standpoint, but it would still be meaningful to record its trajectory so far together with the contemporary mood before memory fades. In this paper, as a small attempt toward this work, I look back on its development over the past 10 years or so. 1. ... ... [Read more]

    Honda Yuzo, Professor, Osaka Gakuin University   Key points Japanese products easy to sell despite deteriorating terms of trade Positive impact of weak yen on GDP and income balance Capitalize on the opportunity to put the Japanese economy on a growth trajectory   When examining the merits and demerits of the rapidly depreciating yen, we should note that other factors than the exchange rate are sneaking into the discussion. It is wrong to blame the current Japanese inflation solely for the weaker yen. Prices in Japan are rising as a result of the soaring prices of global resources and foods at the same time as the yen is depreciating. According to some commentators, the weak yen causes only losses due to the deteriorating terms of trade (the prices of exports divided by the prices of imports) and that no tangible benefits are ... ... [Read more]

    Watanabe Mariko, Professor, Gakushuin University   Key points Deng Xiaoping achieved rapid growth by destroying vested interests The current administration prioritizes national security at the expense of openness to the outside The strategy increases burden against their own costs   The National Congress of the Chinese Communist Party is held in China this autumn. The future course of the Chinese economy will depend on the choices made by China’s political and economic systems. This article provides a bird’s-eye view while referencing the discussion about the relationships between economic growth, institutions, and technology choices in a political economy. ◇　　　◇ China is the world’s second largest economic power, but GDP per capita has still not reached the levels of developed countries. According to economic growth theory, if a country has the same institutional environment [as developed countries], the lower the income level of the ... ... [Read more]

  President Xi Jinping has shown a clear support for Russia. However, the war situation became mired in a mess beyond expectations, and Western countries united with sanctions against Russia. This has severely narrowed the options for Chinese diplomacy. As the “New Cold War” between the United States and China accelerates, the author examines the impact of the Ukraine war on Taiwan.   Matsuda Yasuhiro, Professor, University of Tokyo In 2021, China reached for the North Korea and Russia cards after feeling threatened by the Joe Biden administration’s closing in on China. It is in this context that North Korea restarted their full-scale missile launches and Russia invaded Ukraine. Why has China endorsed the Russian invasion of Ukraine? At the Beijing Olympic Winter Games, Russia was subjected to official sanctions due to doping issues, and even though Russian athletes were unable to participate in ... ... [Read more]

  Iwashita Akihiro, Professor, Hokkaido University   Fukuzawa Hideo, an inhabitant of the Habomai Islands, one of the four Northern Territories, has this to say about the Russian invasion of Ukraine: “It brought back strong memories of how Russia expelled us from our island. A TV report showing crying children under attack in Ukraine reminded me of myself at the time.”  On August 18, 1945, when the Soviet Union army began its invasion and occupation of Shumushu Island at the northern edge of the Kuril Islands of Japan, there was fierce fighting with the Japanese army units they encountered. Japan had already accepted the Potsdam Declaration on August 14 and implemented “disarmament” of the Southern Kurils (Etorofu and Kunashiri), Shikotan and Habomai Islands. It therefore offered no resistance to the Soviet occupation after the battle of the Northern Kurils. Many Japanese soldiers were sent ... ... [Read more]