The 9.0 magnitude earthquake that struck Japan a decade ago was a literally world-changing event. One of the most powerful tremors ever recorded, it rearranged the planet’s mass, shortening Earth’s day by 1.8 microseconds and causing it to wobble on its axis by an additional 6.7 inches. It also triggered a record-setting tsunami and knocked the Fukushima Daiichi Nuclear Power Plant, in northeastern Japan, offline, resulting in the worst nuclear meltdown the world had seen since the Chernobyl disaster of 1986. More than 18,000 people were left dead or unaccounted for. For those residents who were left behind to grieve [...]
Capping eight years of tough, on-and-off negotiations, representatives from 15 countries across the Asia-Pacific gathered in a virtual meeting last month to sign a gargantuan new free trade agreement, the Regional Comprehensive Economic Partnership. Encompassing all 10 members of the Association of Southeast Asian Nations, along with Japan, China, South Korea, Australia and New Zealand, RCEP will cover around 30 percent of both the world’s population and GDP, making it the world’s largest trading bloc. While its trading rules and market access provisions are not as far-reaching as the other main multilateral agreement in the region, the Comprehensive and Progressive [...]
Early this year, when the realities of the COVID-19 pandemic were beginning to sink in, the governments and monetary authorities of the world’s largest economies were challenged to respond. To prevent the worst from occurring, economic rescue packages needed to meet three key criteria from the time-tested, crisis-fighting playbook: speed, size and sustainability. At the time, the policy responses could only be judged on the first two of those characteristics. On both counts, they scored quite well. Collectively, from the United States to Europe to Japan, policymakers’ efforts to address the economic fallout of the pandemic were impressive and historic [...]
