NEWS & EVENTS

Japan-China Relations and the Changing Global Scene

On March 13th, the Reischauer Center held a discussion regarding the future of Japan’s “New Capitalism,” featuring Dr. Kent Calder, Director of the Reischauer Center, along with Dr. William Grimes, Professor of International Relations and Political Science at Boston University, Dr. Jennifer Sklarew, Assistant Professor for Energy and Sustainability at George Mason University and Dr. Kotaro Shiojiri, Visiting Scholar and Lecturer at the Reischauer Center.

Dr. Calder opened the discussion by providing historical context and detailing the political motivations behind Japan’s post-war economic policies. He emphasized Japan’s focus on subsidies, growth, and distribution-oriented policies.

Professor Grimes identified the distinctive features of Kishida’s New Capitalism, including a focus on growth, encouraging investment, a return to stakeholder capitalism, and the continuation of Abenomics. He noted that the Japanese government is adjusting its monetary policy, rethinking age-based redistribution of resources and social support systems, reducing reliance on fiscal stimulus, and encouraging private sector participation in private-public partnership investments.

Dr. Jennifer Sklarew followed Professor Grimes with a discussion of Japan’s energy policy under Kishida’s New Capitalism, which aims to achieve energy resilience and a balance of renewable and more efficient traditional energy sources. She explained that Japan is working towards encouraging diversity in energy sources and infrastructure investment while continuing to move towards energy market liberalization.

Dr. Shiojiri chimed in with final remarks highlighting the current administration’s low popular support and the possible uncertainties regarding the extent to which the policy reforms and transitions mentioned by all the speakers can be realized. The discussion provided valuable insights into Japan’s new capitalism and its potential for the country’s future economic growth.