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121. How not to create zombie banks: lessons for Italy from Japan

Author:
Mark Hallerberg and Christopher Gandrud
Publication Date:
03-2017
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
Japan serves as a cautionary tale for Italy on how to clean up banking-sector problems. A general lesson is the need for policies to forthrightly address non-performing loans (NPLs) in countries with widespread banking problems. This helps address zombie banks and sluggish economic growth. The Japanese experience indicates that three elements are necessary to address NPLs: (a) sufficiently capitalised banks that can take losses from NPL write-downs; (b) an independent regulator that can identify problems and force action; and (c) tools to manage the orderly disposal of NPLs. The problem is not that this combination of policy tools is unknown, but that banks and governments lack incentives to use them in combination. Italy’s December 2016 package providing €20 billion for recapitalisation of banks is a step in the right direction. Similarly, pressure from the European Central Bank on Italian authori- ties and on banks to address NPLs is welcome. However, policy tools to manage and dispose of NPLs and, just as importantly, incentives to use them, are lacking. In January 2017, the European Banking Authority published a set of policy proposals for NPL resolution. Those include national and European-level public asset management companies (AMC), also known as ‘bad banks’. We argue that in Italy, the incentives to use such tools and dispose of NPLs have been weak.
Topic:
International Trade and Finance, Political Economy, Economic structure, and Global Political Economy
Political Geography:
Japan and Italy

122. Make Japan Great Again? The Rise of Trump and Significance of the US-Japan Alliance

Author:
Fuad Olajuwon
Publication Date:
03-2017
Content Type:
Commentary and Analysis
Institution:
Council on International Policy (CIP)
Abstract:
Japan is in a unique position. With the rise of Trump and the changing of the American political landscape, the world faces a new challenge. That challenge is uncertainty. If you’re from a realist background, that raises concern. The shifting of the global narrative is one to look out for, as countries across Europe and the Western world are shifting away from the “liberal world order” and more into an ideologist that puts the concerns of the host over that of the guest. With Brexit and “#AmericaFirst” rhetoric gaining momentum, what is the fate of East Asia? One thing is sure: this is a unique time as ever for Japan to stand on its own two feet.
Topic:
International Cooperation and International Affairs
Political Geography:
Japan and America

123. Japan: Eternal Geography, Varied Responses

Author:
Matt Preston
Publication Date:
04-2017
Content Type:
Policy Brief
Institution:
Canadian Global Affairs Institute (CGAI)
Abstract:
The Korean Peninsula has dominated the news out of Asia as of late. From assassinations reminiscent of James Bond villains and ballistic missiles aimed at U.S. bases in Japan, to Chinese anger over advanced missile defence systems, and harsher than ever sanctions by China on the Democratic People’s Republic of Korea (DPRIK), there is no shortage of headlines. But below the radar, some more important events have been taking place across the Tsushima Strait. On March 4, Japan’s Liberal Democrat Party approved a rule change that would allow the party’s president to continue for a third term. This means that should the LDP win another election, Prime Minister Shinzo Abe could serve until 2021, making him the longest-serving Japanese prime minister in the postwar era.1 Upon the rule’s approval, Abe announced: “It’s the historic mission of the LDP, which has held up the backbone of Japan throughout the postwar period, to lead a specific debate toward a proposal to amend the constitution.” To Abe and the conservative faction he heads within the LDP, that largely means repealing Article 9 — the ‘no war’ clause. Simultaneously, controversy has arisen over a potential conflict of interest story regarding the sale of land far below market value to a nationalistic primary school that originally named Abe’s wife, Akie, as honourary principal.2
Topic:
International Relations
Political Geography:
Japan

124. The U.S.-Japan-ROK Strategic Triangle & Maritime Security: Building Capacity in Northeast Asia and in the Broader Indo-Pacific Region

Author:
Charles Perry and Bobby Anderson
Publication Date:
02-2017
Content Type:
Special Report
Institution:
Institute for Foreign Policy Analysis (IFPA)
Abstract:
This report summarizes key findings and policy recommendations developed by IFPA over the course of a two-year research and workshop project on the prospects for and future direction of U.S.-Japanese-South Korean maritime cooperation in the Indo-Pacific region.
Topic:
International Affairs and Maritime Commerce
Political Geography:
Japan, America, and South Korea

125. Japan's Security Policy in Africa: The Dawn of a Strategic Approach?

Author:
Celine Pajon
Publication Date:
05-2017
Content Type:
Policy Brief
Institution:
Institut français des relations internationales (IFRI)
Abstract:
In recent years, Japan's security contribution in Africa rose with the unprecedented participation of the Self-Defense Forces (SDF) in an international counter-piracy operation in the Gulf of Aden, the subsequent build-up of its first overseas military base in Djibouti, and the SDF's longest participation in United Nations Peace-Keeping Operations (UNPKO), in South Sudan (2012-May 2017). This increased security contribution has been driven by a need to react to various events, such as the rising Chinese presence in Africa and the increase in terrorist attacks and piracy. It is also a means of reassuring a risk-averse business sector and encouraging it to step up its investment in Africa. Finally, it is about demonstrating Japan's identity as a "proactive contributor to peace", and responsible shareholder in international security. While media attention is drawn to the Japanese SDF presence on the ground and at sea, the bulk of Japan's security contribution to Africa remains low-key, mostly in the form of financial contributions and capacity-building assistance, and is very often channeled through or in partnership with multilateral institutions or a third country, such as France. This said, Africa is now being associated more tightly with Japan's strategic core interests. Terrorist attacks on the continent are posing a direct risk to Japanese nationals. Threats to the security of vital maritime shipping routes transiting from the Middle East to the Indian Ocean are also directly undermining Tokyo's interests. The inclusion of Africa in the "Free and Open Indo-Pacific Strategy" demonstrates Japan's willingness to adopt a more strategic approach to Africa.
Topic:
International Relations and International Political Economy
Political Geography:
Africa and Japan

126. The Impact of Chinese National Identity on Sino-Japanese Relations

Author:
Yinan He
Publication Date:
08-2017
Content Type:
Special Report
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Sino-Japanese relations have been in another volatility cycle since the Diaoyu/Senkaku Islands disputes flared up again in summer 2012. The downward trend seems to have bottomed out in November 2014 when the two leaders Xi Jinping and Abe Shinzo finally held their first meeting since entering office. However, the anticipated recovery has proved tenuous; the momentum toward further improvement has halted since early 2016 when confrontation escalated in both the South China Sea and East China Sea. While acknowledging the role of realist power shift and geostrategic rivalry in causing Sino-Japanese tension, this paper argues that a widening gap between their national identities is also highly relevant. The current Xi government has promoted a national reinvigoration campaign emphasizing Chinese history and culture, the socialist model, and defense of core interests, which runs counter to that of Abe’s Japan, a democratic and historically revisionist country. This national identity conflict has exacerbated mutual distrust, denied chances of reassurance, and generated domestic popular objections to diplomatic compromise between the two countries.
Topic:
International Relations and International Affairs
Political Geography:
Japan, China, and Korea

127. The Challenge From North Korea

Author:
Riccardo Alcaro and Ettore Greco
Publication Date:
11-2017
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
A nuclear-armed North Korea is a threat to the fragile strategic equilibrium on the Korean Peninsula and to international security at large. Emboldened by a nuclear arsenal, the highly militarized regime of President Kim Jong-un could be tempted to embark on aggressive acts. Meanwhile, the United States could opt for preventive military action. Even if neither party seeks a military confrontation, conflict could ensue due to miscalculation or simple misreading of each other’s intentions. Limited military exchanges could spiral out of control, eventually involving not only North Korea, the United States, and its allies in the region—Japan and South Korea—but also China. The repercussions of North Korea’s nuclear challenge may not be limited to Northeast Asia, not least because the nonproliferation regime, a pillar of international security, would be dealt a serious, if not fatal, blow if regional adversaries sought to meet it by acquiring their own nuclear arsenals. The destabilizing effects of North Korea’s nuclear and ballistic programs on regional and international security cannot be overestimated. In devising a response to the North Korean challenge, regional actors should remain committed to the denuclearization of the Korean Peninsula, but they should also implement security measures with observable results short of full denuclearization. Specifically, the United States and its allies should concentrate on sanctioning North Korea and on diplomatic action, actively seeking the involvement of China and Russia, while employing a strategy of deterrence and containment.
Topic:
Diplomacy, Regional Cooperation, Military Strategy, Nonproliferation, and Denuclearization
Political Geography:
Japan, China, Asia, South Korea, and North Korea

128. Human Rights of Non-Status Migrants in Japan

Author:
Kazue Takamura and Erik Martinez Kuhonta
Publication Date:
01-2017
Content Type:
Policy Brief
Institution:
Institute for the Study of International Development, McGill University
Abstract:
Japan employs a mandatory detention policy toward non-status migrants, including asylum-seekers. This practice triggers a set of human rights concerns that are in conflict with international human rights law. The number of asylumseekers has increased sharply from 1,202 in 2010 to 10,901 in 2016. Yet, the country’s refugee acceptance rate was a record low of 0.25 percent. Migrant detainees often experience fundamental human rights violations, including the lack of access to legal representation, prolonged periods of detention, inadequate health care, and unexplained deaths in detention facilities. Japan’s immigration authorities normalize their closed-door policies toward asylum-seekers by questioning the “refugeeness” of asylumseekers and labeling them as “fake asylum-seekers.” It is necessary to facilitate active and sustainable multi-stake holders’ collaboration among NGOs, municipal governments, health professionals, lawyers, and scholars in order to challenge the state’s human rights violations toward migrants.
Topic:
Human Rights, International Law, Immigration, Asylum, and Migrant Workers
Political Geography:
Japan and Asia

129. The Dispatch (Winter 2016)

Author:
David J. Bercuson, Frédérick Gagnon, Randolph Mank, Colin Robertson, Robert Huebert, Hugh Stephens, Gary Soroka, Hugh Segal, Daryl Copeland, David Perry, and Robert Muggah
Publication Date:
12-2016
Content Type:
Journal Article
Journal:
The Global Exchange
Institution:
Canadian Global Affairs Institute (CGAI)
Abstract:
The Dispatch (later called The Global Exchange) is the Canadian Global Affairs Institute’s quarterly magazine featuring topical articles written by our fellows and other contributing experts. Each issue contains approximately a dozen articles exploring political and strategic challenges in international affairs and Canadian foreign and defence policy. This Winter 2016 issue includes articles on the election of Donald Trump, energy policy, Canadian defense capability, and more.
Topic:
Foreign Policy, NATO, Energy Policy, Elections, Trans-Pacific Partnership, Trade, and Donald Trump
Political Geography:
Russia, Japan, Europe, Canada, North America, Arctic, and United States of America

130. Analyzing Japan’s Role in Korean Security within the Framework of the Quasi-Alliance Model

Author:
James F. Durand
Publication Date:
04-2016
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
This paper assesses Japan’s role in Korean security using the quasialliance model. Developed by Professor Victor Cha, the quasi-alliance model to analyze the security relationship between Japan and the Republic of Korea, “two states that remain unallied despite sharing a common ally.” Cha defined the quasi-alliance model as “the triangular relationship between two states that are not allied, but share a third party as a common ally.” A key assumption is that the third state serves as the “great-power protector of the two states, and therefore exit opportunities for the two are limited.” While historical issues affected relations between Tokyo and Seoul, American security policies were the primary determinant of cooperation between Japan and Korea. American policy changes produced distinct “abandonment” or “entrapment” responses within the U.S.-Japan and U.S.-ROK security alliances: shared perceptions yielded cooperation, while differing views produced friction. This paper analyzes America’s East Asia policies during the Bush and Obama administrations to assess Japanese and Korean reactions. Analyzed through the quasi-alliance model, American policies produced asymmetric responses in Japan and Korea, inhibiting security cooperation between Tokyo and Seoul. Diverging views of China exacerbated inherent friction between Korea and Japan. Thus, Japan will play a limited role in Korean security.
Topic:
Security, Grand Strategy, and Alliance
Political Geography:
Japan, China, Asia, South Korea, North Korea, and United States of America