Nikkei English News reported that Japan might consider a complete ban on exports to North Korea because of the nuclear tests it has been conducting. Japan already bans some exports and hopes the increased pressure on North Korea will have some sway on future testing of short-range missiles.
On the other side of the Pacific, it was reported that Japan and Peru have started negotiations for a free-trade pact. Over the past five years, trade between the two nations has grown over 200% and reported to be over $2 billion a year. Peru is trying to develop their foreign commerce with the Asia’s market, which they see as growing in potential. They have also negotiated with South Korea and China.
The psychology of Japan being second to China in trade may come hard to some hard-line nationalists in Japan. China, once occupied by Japan is considered by some in Japan as inferior in manufacturing and financial institutions. Japan may work harder to solidify their relation with Peru. Japan has been a dominate force in the Pacific area for over a century. Its possible failure to stay ahead of China on the economic front may cause some uneasiness in that region of the Pacific. Keep an eye on these two competitors as they are looking for new and better markets. Neither country likes to be in second place.
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