January/February 2023 (ISSUE 247) VOLUME 42 No.1

World Economy Facing Risk ofRecession with DeepeningGeopolitical Crisis
C O N T E N T S
1

PUBLISHER’S NOTE

How Will We Respond to the Changes in the GeopoliticalLandscape After the Ukrainian Crisis?
By Masakazu Toyoda

2

COVER LEAD

World Economy Facing Risk of Recession
with Deepening Geopolitical Crisis
By Naoyuki Haraoka

4

COVER STORYSPECIAL ARTICLE

37 1 Structural Changes & Prospects for Japan’s Current
Account Balance
By Yoichi Matsubayashi

42 2 2023 Will Be a Critical Year for the BOJ
By Nobuyasu Atago47 3 Sustainable Investing – Addressing the Backlash
By Govinda Finn

52 4 “Lowest-low Fertility” & Gender Inequality: Japan froma Comparative Perspective
By Yoshikuni Ono and Fumiya Uchikoshi

57 SPECIAL INTERVIEWInterview with the Hon. Akira Amari, former minister in charge of TPP
negotiations

Late Prime Minister Abe’s Legacy in Trade Policy inJapanBy Japan SPOTLIGHT

63 STUDENT VIEW
Thinking About the Patent System: Does Patent
Disclosure Drive Future Innovations?
By Samuel ShengEr Zhou

66 ECONOMIC INDICATORS FOR JAPANIs Japan’s Accommodation Service Industry FinallyOvercoming the Coronavirus Pandemic?
By Nobuo Iizuka

NEXT ISSUE
The March/April 2023 issue highlights the new foreign relations
among Japan, China and the United States at the center of risinggeopolitical crises. How will the recently announced new Japanese
security policy affect relations among the three? Our next issue will
be published on our website on March 10, 2023.

COVER STORYWorld Economy Facing Risk ofRecession with Deepening
Geopolitical Crisis
4

1 Roundtable with Prof. Ken Endo, Dr. Shumpei Takemori,Tatsuya Terazawa & Masakazu Toyoda

How Should We Interpret Geopolitics,
Economy & Energy Developments inToday’s World?
By Japan SPOTLIGHT

14 2 Interview with Dr. Dennis Snower, President of Global
Solutions Initiative, Germany

Restoring Global Governance to Prevent
Divided Blocs
By Japan SPOTLIGHT

17 3 Interview with Henry Farrell, SNF Agora Professor ofInternational Affairs at the Johns Hopkins School of
Advanced International Studies

Weaponized Interdependence – an
Inconvenient Truth of Globalization
By Japan SPOTLIGHT

23 4 Interview with Dr. Abdul Abiad, Director, Macroeconomic

Research Division at the Asian Development Bank (ADB)

Developing Asia to Be Driving Force for
Global Growth Under ContinuingGeopolitical Crises
By Japan SPOTLIGHT

27 5 Mitigating Geopolitical Risk – Japan as a

Stabilizer in Asia
By Céline Pajon

31 6 China’s “Common Prosperity” Era: theSpiral of Economic Slowdown & StatistControl
By Ho-fung Hung

Publication date: January 10, 2023 (Published on the 10th of every odd month)
Publisher: Masakazu Toyoda, Chairman & CEO, Japan Economic Foundation (JEF)
Editor-in-Chief: Naoyuki Haraoka
Editorial Staff: Masako Watanabe
Design: PRITECH Co., Ltd.

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