Multilateralism and global governance: Japan in the World Bank, the G7 and G20 summits

Abstract

Japan has failed to recover its economic vitality since the end of the bubble economy in 1991. Moreover, Japan has lost its identity as the only democratic and economically developed country in Asia. What kind of role should Japan assume in the coming age? How should Japan cooperate with the EU in order to establish a new role in world politics? This chapter examines Japan’s policy towards the World Bank and the G7 Summits, which have contributed to the finance regime. First, this chapter concludes that the G7 still offers an opportunity for Europe and Japan to cooperate in spite of the decline in power. Second, whether or not the coordination between China and Japan will be successful depends China’s policy in the World Bank, and on Japan’s policy towards the AIIB. Third, the World Bank as well as the ADB have developed a number of networks with NGOs, and following input from Europe there is the potential that Japanese citizens will start developing NGOs and set up the global governance system.