Japan Update - The current economic and political landscape in Japan
By Krystal Hartig from Perth USAsia Centre | 08 Sep 2017
On Friday, 8 September the Perth USAsia Centre hosted a number of delegates from Australia and Japan for a public event and private roundtable luncheon. These events were part of the Japan Update, the flagship conference of the Australia-Japan Research Centre (AJRC) in Crawford School of Public Policy, and the Japan Institute at The Australian National University. It brings together experts from Australia, Japan and around the region to give an update on the country’s recent developments and future directions.
- Australia has an opportunity to invest more deeply in Japan. Australian investment in Japan is currently an area which is underdone in Australia-Japan economic relations. While Japan remains Australia's second largest stock of foreign investment, there is potential for Australia to enhance its foreign direct investment into Japan.
- There is a stagnation in Japan's nominal wages. Japan's sixth consequtive quarter of economic growth and tightening of its labor market have not resulted in an increase of nominal wages.
- Within the Australia - Japan relationship, there are several challenges within the defence and security realm. This includes the unsuccessful Soryu submarine deal, the advent of the Trump administration and Prime Minister Shinzo Abe's burnt significant political capital.
- Australia -Japan relations is important. Australia maintains a strategic importance to Japan due to their bilateral economic relationship, shared values and large exchange of people between both nations.
Krystal Hartig is a Research and Program Assistant at the Perth USAsia Centre
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