While bringing unprecedented prosperity to post-war Japan, her "economic miracle" at the same time led to greater vulnerability owing to a much higher degree of dependency on raw material imports and outlets for export goods. This was brought home to the Japanese by events in the early 1970’s....

While it is too early to confirm the depth and the sustainability of this new trend towards slower globalisation, it may be happening in more domains than we are fully aware of, at least for the near term given the renewed backdrop of the Russia-Ukraine war and the wider use of sanctions globally.

Present economic relations between Japan and Europe are marred by misunderstanding and ignorance of one another's positions, Mr. Ichikawa stresses here. Neither side has anything to gain from the continuance of this situation: a new phase - one of understanding and cooperation - must be begun.