Question: Asia Cosmopolitan Awards is an international award established by Economic Research Institute for ASEAN and East Asia (ERIA) in the context of commemoration of the 1300-year anniversary in 2010 of Heijo-kyo, (ancient capital of Japan located in present-day Nara), Japan is a sovereign island nation, in which eastern subregion of the Asian continent?

Context paragraphs:
History of East Asia: The history of East Asia covers the people inhabiting the eastern subregion of the Asian continent known as East Asia from prehistoric times to the present.  The best known ancient civilization of prehistoric East Asia was China, which flourished in the central plain region and continued until present day.

East Asia: East Asia is the eastern subregion of the Asian continent, which can be defined in either geographical or ethno-cultural terms.  Geographically and geopolitically, it includes China (including Hong Kong and Macau), Mongolia, North Korea, South Korea, Japan and Taiwan; it covers about 12000000 km2 , or about 28% of the Asian continent.  GDP(PPP) of East Asia is 32.4 trillion while Nominal GDP is 19.1 trillion USD.

Asia Cosmopolitan Awards: Asia Cosmopolitan Awards is an international award established by Economic Research Institute for ASEAN and East Asia (ERIA) in the context of commemoration of the 1300-year anniversary in 2010 of Heijo-kyo (ancient capital of Japan located in present-day Nara) as the last destination of the ancient Silk Road and one of the first cosmopolitan cities in East Asia.  It will be awarded to individuals or organizations who have made substantial and significant contributions to the development and enrichment of East Asian Community in the field of cultural and economic integration, narrowing the developmental gaps, and establishing sustainably growing society in the region.

Japan: Japan (Japanese: 日本 "Nippon" ] or "Nihon" ] ; formally 日本国 "  " or "Nihon-koku", meaning "State of Japan") is a sovereign island nation in East Asia.  Located in the Pacific Ocean, it lies off the eastern coast of the Asian mainland and stretches from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the southwest.

Lili Yan Ing: Lili Yan Ing is an Indonesian economist.  She is currently a Senior Economist at the Economic Research Institute for ASEAN and East Asia ERIA, serving as a Senior Advisor on Trade and Investment for the Southeast Asian region.  She is also the founder of ‘The Indonesian Economy’, a world economist society working on the Indonesian economy and Southeast Asia.  She also teaches International Trade at the University of Indonesia and gives public lectures on Trade from time to time.

East Asia Economic Caucus: The East Asia Economic Caucus (EAEC) or East Asia Economic Group (EAEG) was a regional free trade zone (FTA) proposed in 1997 by former Malaysian Prime Minister Dr. Mahathir bin Mohamad and encompasses the Association of Southeast Asian Nations (ASEAN) member states, China, Japan, and the Republic of Korea.  Japan though refused participation due to the exclusion of the Western nations, which were already members of APEC and many other notable regional organizations in East Asia.

Economy of Taiwan: The economy of the Republic of China (Taiwan), simply called Taiwan, is the 7th largest economy in Asia, and is included in the advanced economies group by the International Monetary Fund and gauged in the high-income economies group by the World Bank, and ranked 15th in the world by the Global Competitiveness Report of World Economic Forum, has a developed capitalist economy that ranks as the 22th-largest in the world by purchasing power parity (PPP), ranks as 18th in the world by gross domestic product (GDP) at purchasing power parity per capita (person), and 24th in nominal GDP of investment and foreign trade by the Republic of China (ROC) government, commonly referred to as Taiwan.  The economy of Taiwan ranks the highest in Asia for 2015 Global Entrepreneurship Index (GEI) for specific strengths.  Most large government-owned banks and industrial firms have been privatized.  With the technocracy-centered economic planning under martial law until 1987, real growth in GDP has averaged about 8% during the past three decades.  Exports have grown even faster and since World War II, have provided the primary impetus for industrialization.  Inflation and unemployment are low; the trade surplus is substantial; and foreign reserves are the world's fourth largest.  Agriculture contributes 3% to GDP, down from 35% in 1952, and the service sector makes up 73% of the economy.  Traditional labor-intensive industries are steadily being moved off-shore and replaced with more capital- and technology-intensive industries.  Economy of Taiwan is an indispensable partner in the Global Value Chains of Electronics Industry.  Electronic components and personal computer are two areas of international strength of Taiwan's Information Technology industry, which means the economy of Taiwan has the competitive edge on having the learning curve from advanced foreign technologies with lower cost to be produced and sold abroad.  Institute for Information Industry with its international recognitions is responsible for the development of IT industry and ICT industry in Taiwan.  Industrial Technology Research Institute with its global partners is the advanced research center for applied technology for the economy of Taiwan.  Directorate-General of Budget, Accounting and Statistics and Ministry of Economic Affairs release major economic indicators of the economy of Taiwan.  Chung-Hua Institution for Economic Research provides economic forecast at the forefront for the economy of Taiwan and authoritatively researches on the bilateral economic relations with ASEAN by The Taiwan ASEAN Studies Center (TASC).  Taiwan Stock Exchange is the host to the listed companies of local industries in Taiwan with weighted financial exposures to the FTSE Taiwan Index and MSCI Taiwan Index.

Economic Research Institute for ASEAN and East Asia: Economic Research Institute for ASEAN and East Asia

Nara period: The Nara period (奈良時代 , "Nara jidai" ) of the history of Japan covers the years from AD 710 to 794.  Empress Genmei established the capital of Heijō-kyō (present-day Nara).  Except for a five-year period (740–745), when the capital was briefly moved again, it remained the capital of Japanese civilization until Emperor Kanmu established a new capital, Nagaoka-kyō, in 784, before moving to Heian-kyō, or Kyoto, a decade later in 794.

Sento-kun: Sento-kun (せんとくん ) is a yuru-chara mascot created by Nara City Office to commemorate the 1300th anniversary of Nara Heijō-kyō, the ancient capital of Japan, in 2010.

Supporting paragraphs: Asia Cosmopolitan Awards Japan
Answer: East Asia