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Fan Zhang

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Andrew T.H. Tan

The centre of the global economy today resides in Asia, not Europe or North America. According to the International Monetary Fund, Asia in 2016 accounted for 40 per cent of global GDP (Lagarde 2016). As Asia also accounts for much of global economic growth in recent years, developments in the region are therefore central to the global economic outlook and for formulating policies around the world (IMF 2015: 1). Asia’s remarkable economic rise is led by China, which had a GDP of around US$11.4 trillion in 2016, making it the second largest economy in the world after the United States. Despite economic stagnation since the 1990s, Japan in 2016 remained the world’s third largest economy, with a GDP of about US$4.7 trillion. Other significant economic powerhouses in Asia include India and South Korea (IMF 2016). The trend is quite clear: Asia is on course to regain the dominant economic position it held before the Industrial Revolution in Europe (ADB n.d.). The maintenance of stability in Asia has therefore become pivotal to global stability; conversely, regional instability will have deep, global consequences. Since the surrender of Japan in 1945 at the end of the Second World War, the United States has been deeply engaged in Asia, and has maintained a form of hegemony over the region, though its failure in the Vietnam War demonstrated the limits of its dominance. The US role has been mostly seen as positive, at least to its allies and the non-communist states in Asia, as it has, through its hubs and spokes system of alliances and military presence, exercised sufficient power to maintain general stability in the region. In turn, this has facilitated Asia’s economic rise (Beeson 2011).

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Ling Kar-kan

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Pui-yin Ho

In 1843, the British colonial government in Hong Kong designated the northern coast of Hong Kong Island as the City of Victoria. Hindered by natural resource shortages and a poor natural environment, the government had to make use of new construction techniques and infrastructure to solve daily life problems, which included housing, transport facilities, water supply, law and order and public hygiene. The city was managed with two completely differently strategies. The Central District was mainly modelled on what was practised in the West. Commercial activities and trade were conducted in a systematic manner, and the enactment and strict enforcement of laws were key to the implementation of policies. However, the densely populated area of Sheung Wan, located in the western part of the city and inhabited by the Chinese community, was blighted by poor housing and hygiene conditions as well as high crime rates.

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Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

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Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

Chapter 1 introduces the theme of this book, exchange rate risk for the exporters, by showing the sensitivity of corporate earnings and stock prices to exchange rate fluctuations. When the yen appreciates, corporate earnings and the Nikkei Index tend to fall. Faced with a long-run trend of yen appreciation, Japanese exporting firms have taken many countermeasures to lessen the exchange rate impact on their sales and profits. By invoicing in yen, they can avoid the exchange rate risk. However, importers suffer from exchange risk and have to absorb the change in import costs by changing their profit margins. Hence, which currency exports should be invoiced in depends on the nature of the products, the relationship between exporter and importer, and whether the exported goods are for the local market or for re-exporting after assembly. The chapter introduces these concepts and sets up the questions to be answered in later chapters.

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Matthieu Burnay

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Ju-Ho Lee, Hyeok Jeong and Song Chang Hong

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Gordon C.K. Cheung