This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of … generate higher average welfare gains for East Asian countries than currency unions with Japan or the United States. Overall …, Japan does not appear to be a dominant player in forming a currency union in East Asia, and this trend is likely to continue …

countries are proposed, namely the US, Japan, and China and hence, to an extent the analysis does indicate the relative … relatively prepared for integration whilst others are not. In some ways, results do also signify the dominance of Japan despite …