Japan’s Role in the New Global Economic Governance: Domestic and international factors

Abstract

Japan has traditionally assumed the role of regional representative in the leading mechanisms of global economic governance as the leading economic power in East Asia, historically speaking, and the only non-European/North American member of the G7/8. However, the rise of the G20, the inclusion of a number of Asian countries, and the supposed eclipse of the G7/8 represent considerable challenges to Japan’s role in global affairs and its position as a contemporary great power. So far, Japan has responded by making significant contributions to the Global Financial and Economic Crisis and the G20, but these contributions have at times been qualified and even contradictory. This article will explore the external and internal factors that have both encouraged and limited Japan’s behavior within the G20 to date.