Kishida Refurbishes His Cabinet
Kishida decided to retain Secretary-General Motegi, to box him in and make it more difficult for him to mount a presidential bid next year.
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Commentary
Instant Insight: U.S., Korean, and Japanese Leaders Step Toward a Shared Future at Camp David
At their trilateral summit at Camp David on August 18, U.S. President Joe Biden, South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida announced significant new steps toward a lasting structure for trilateral security cooperation. While their pledges fell short of a formal security agreement, the leaders committed to initiatives that demonstrate their shared geopolitical and economic security concerns and to enhance trilateral cooperation mechanisms, especially by strengthening the fragile Japan-South Korea leg of the triangle.
Summer Read: Four Scenarios for the Chinese Economy
China’s economic numbers do not paint a pretty picture. The International Monetary Fund, World Bank, and private sector forecasters have lowered their 2023 and 2024 China growth projections to around five and 4.5 percent, respectively.
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South Korean Economy Facing Headwinds
The South Korean economy is noticeably sputtering, especially in comparison to stronger post-COVID recoveries elsewhere in Asia. Korea’s exports are down 15 percent year-on-year. Meanwhile, interest rate hikes by the Bank of Korea (BOK) to stem inflation have been largely successful but have hit the country’s USD 107 billion housing market and construction industry especially hard. Housing prices fell in April for the eleventh straight month and are down about ten percent from their peak last summer. Residential real estate is the largest class of assets for most Korean households, so a drop in values can have a strong and negative wealth effect on household spending.
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Instant Insight: Modi’s State Visit Sets New Paradigm for U.S.-India Strategic Partnership
Indian Prime Minister Narendra Modi’s sixth visit to the White House – and maiden state visit – outlined an ambitious vision for the future of U.S.-India ties, which he said were entering a period of “unprecedented trust” and were a “force for global good.” Echoing a similar message, U.S. President Joe Biden called the U.S. relationship with India the “defining partnership of the 21st century.”
U.S. Dollar to Remain Dominant Despite RMB Internationalization
In recent months, a growing chorus of analysts has argued that the U.S. dollar’s dominance is waning, with China’s renminbi (RMB) emerging as the leading replacement.
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TAG Paper: Observations on Drug Pricing and Innovation in Japan
Full Paper (English): TAG Paper: Observations on Drug Pricing and Innovation in Japan ENG Full Paper (Japanese): TAG Paper: Observations on Drug Pricing and Innovation in Japan JPN Key Findings As the Government of Japan (GOJ) seeks to re-invigorate Japan’s pharmaceutical industry as a sector for innovation and growth, it can make impactful changes to specific pricing
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