Island Disputes In Asia Threaten The Global Economy

Japan, China, South Korea Island Disputes Threaten Global Economy (+ Video) -- Daniel McDowell, Christian Science Monitor

Island disputes between Japan, China, and South Korea are threatening financial stability in East Asia, and with it, the global economy. The next US administration should push publicly and persistently for a solution.

What are the biggest short-term threats to the global economy? The two most obvious answers are the ongoing European debt crisis and the looming austerity of the “fiscal cliff” in the United States. But what if I told you that in the running for honorable mention is the sticky situation in East Asia surrounding territorial disputes over several small islands?

At the heart of these disputes lie the region’s “big three” economies: China, Japan, and South Korea. Beijing and Tokyo are at odds over who has rights to the Senkaku Islands (or in China, the Diaoyu) and, more important, the potential oil deposits in the surrounding waters. Meanwhile, Japan has a similar dispute with South Korea over the Takeshima Islands (or in South Korea, the Dokdo), also with energy deposits.

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My Comment: When the world's #2, #3, and #15 economies are in a major dispute that threatens to escalate .... we should all take notice. And while I doubt that this will escalate into a military confrontation, I do see the possibility that economic measures/sanctions will be taken that will hurt the economies in these three nations. And if history is any indication, when economic sanctions/duties/embargoes/etc. are implemented, it will only be a matter of time before we start to feel it on the other side of the world.

South Korea And China Want Japan To Show Greater Contrition Over Their Conduct During The Second World War

Japanese nationalists march to pay tribute to the country's war dead near the Yasukuni shrine in Tokyo. Photograph: Issei Kato/Reuters

South Korea And China Urge Japan To Show Greater Contrition Over War -- The Guardian

On 67th anniversary of the second world war, comments by the South Korean president prompt official protest from Japan.

Tension between Japan and its Asian neighbours escalated on Wednesday, the 67th anniversary of the end of the second world war, as South Korea and China both told Tokyo to do more to resolve lingering bitterness over its past military aggression.

Memories of Japan's wartime occupation of much of China and colonisation of South Korea remain powerful, despite close economic ties.

Comments by the South Korean president, Lee Myung-bak, prompted an official protest from Japan, where he was accused of insulting the Japanese emperor, Akihito.

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My Comment: The war ended 67 years ago .... time to move on. Unfortunately .... both sides cannot.

Japan - South Korean Tensions Rise Over Disputed Islets

South Korean President Lee Myung-bak visiting the remote islands Photo: Reuters

South Korean’s Visit to Disputed Islets Angers Japan -- New York Times

SEOUL, South Korea — President Lee Myung-bak of South Korea flew to a set of islets locked in a territorial dispute with Japan on Friday, dismissing protests from Tokyo and making a trip that was bound to heighten diplomatic tensions between Washington’s two key Asian allies.

Japan called Mr. Lee’s visit “unacceptable” and recalled its ambassador from Seoul in protest, Prime Minister Yoshihiko Noda told reporters in Tokyo.

Adding drama to the simmering historical hostility that Mr. Lee’s surprise trip magnified, the archrivals South Korea and Japan were set to clash in London on Friday for the Olympic bronze medal in soccer, a game to be watched by millions of people in both countries.

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More News On Japan - South Korean Tensions Over Disputed Islets

Japan Recalls S. Korean Ambassador Over Island Visit -- Voice of America
South Korean leader visits contested islands -- The Telegraph
South Korean President Visits Islets Disputed with Japan -- Voice of America
SKorean leader visits islets also claimed by Japan -- Bloomberg Businessweek
SKorean Leader Visits Islets, Draws Japan Protest -- ABC/AP
South Korea's Lee Myung-bak visits disputed islands -- BBC
S. Korea's Lee visits disputed islets despite protests -- Xinhuanet (China)
South Korea-Japan dispute flares -- The Australian
South Korea and Japan face off over disputed islands -- The Guardian
Why Japan is angry over South Korea's visit to an island -- Jason Strother, Christian Science Monitor
Profile: Dokdo/Takeshima islands -- BBC