After the drastic decline from the miracle growth, we now witness rapid resurgence of Asian economies. East Asian countries have achieved their economic success based on export-oriented development strategies with adoption of foreign direct investments. Such industrialization is, however, vulnerable to external impacts, and the structural weakness had led the monetary crisis in East Asia. We cannot appreciate the present returning of short-term capital and brisk capital market, without examining the structural contradictions stated above. What is important for us is to make clear the causes of the economic crises, and to extract lessons from the experiences. This study will also include analysis of Japanese economy and enterprises that firmly connected with Asian economies.
