Editor's note

This volume of the Working Papers series contains two seemingly separate papers. Furthermore, the author of one of them is not on the staff of the Institute for World Economics or a Hungarian citizen. The decision to pair the two studies is far from an arbitrary one, however, because they constitute a rare meeting of minds and ideas.

At a time when it is fashionable to ignore stories of success in Asia, Makoto Taniguchi, a former Japanese ambassador (to the United Nations, among other postings)and an ex-deputy secretary-general of the OECD, turns against the tide. He extrapolates from the past, present and future trends in Asia the conclusion that it can become again the most dynamic region of the world economy. The no less fashionable view that Japan is in crisis is challenged by András Hernádi, senior research fellow and director of the Japan, East and Southeast Asia Research Centre at the Institute for World Economics, who draws on analysis of numerous aspects of Japan's society and economy.

We sincerely hope that readers find this new approach in the Working Papers series not just provocative, but thought provoking. As always, their reactions will be extremely welcome.

The Editor