By Kent Calder, Min Ye
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Extra resources for The Making of Northeast Asia
Sample text
Dollar has been most persistent, sharply depreciating the local value of the PRC’s foreign exchange holdings of more than $2 trillion. The Japanese yen has also appreciated steadily against the dollar, albeit it with an aberration in 2007. S. economic problems. By the fall of 2009, however, as the global crisis waned, the won had stabilized and begun to resume its upward long-term course. The Waning of Constraints in History and Geopolitics As ancient enmities wane, Northeast Asia is becoming a more coherent unit in its own right.
Sino-Japanese and Japanese-Korean rapprochement are proceeding more actively than at any time in well over a century, while China and South Korea, deadly adversaries in the Korean War, are taking unprecedented steps in military confidence-building. The numerous recent state visits among the leaders of these three nations since late 2006—not to mention the constructive working-level dialogues now in progress across the East China Sea—all reflect deepening political ties between Tokyo and Beijing that have a solid economic basis.
Some major Middle Eastern supplier countries, such as Iran, also face Western economic sanctions and embargoes. For Japan, Korea, and especially for China, northeast asia in global perspective 15 oil transport from the Middle East to Northeast Asia likewise poses unsettling maritime security issues. S. S. shores, such as Hugo Chavez of Venezuela. As in the case of energy, the financial system of Northeast Asia also harbors severe potential challenges for the region that make institutions for collective regional action desirable.