CINXE.COM
Viewpoints
<!DOCTYPE html> <html lang="en"> <head><script type="text/javascript" src="https://web-static.archive.org/_static/js/bundle-playback.js?v=7YQSqjSh" charset="utf-8"></script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://asia.nikkei.com/Viewpoints","20160602042918","https://web.archive.org/","web","https://web-static.archive.org/_static/", "1464841758"); </script> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/banner-styles.css?v=p7PEIJWi" /> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/iconochive.css?v=3PDvdIFv" /> <!-- End Wayback Rewrite JS Include --> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta http-equiv="Content-Script-Type" content="text/javascript"/> <meta http-equiv="Content-Style-Type" content="text/css"/> <meta http-equiv="Pragma" content="no-cache"/> <meta http-equiv="Cache-Control" content="no-cache, must-revalidate"/> <meta http-equiv="Expires" content="-1"/> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <meta name="keywords" content=""/> <meta name="description" content=""/> <meta property="og:title" content="Viewpoints"/> <meta property="og:description" content=""/> <meta property="og:image" content="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/settings/common-setting/9833-180-eng-GB/Common-setting.png"> <title>Viewpoints</title> <meta property="og:url" content="https://web.archive.org/web/20160602042918/http://asia.nikkei.com/Viewpoints"/> <meta property="og:site_name" content="Nikkei Asian Review"/> <link rel="canonical" href="https://web.archive.org/web/20160602042918/http://asia.nikkei.com/Viewpoints"/> <link rel="apple-touch-icon-precomposed" href="/web/20160602042918im_/http://asia.nikkei.com/apple-touch-icon-precomposed.png"> <link rel="stylesheet" href="/web/20160602042918cs_/http://asia.nikkei.com/css/jquery-ui-1.10.3.custom.min.css"/> <link rel="stylesheet" href="/web/20160602042918cs_/http://asia.nikkei.com/css/common_v018.css"/> <link rel="stylesheet" href="/web/20160602042918cs_/http://asia.nikkei.com/css/style_v032.css"/> <link rel="stylesheet" href="/web/20160602042918cs_/http://asia.nikkei.com/css/custom/modal_v004.css"/> <link rel="stylesheet" href="/web/20160602042918cs_/http://asia.nikkei.com/extension/ezfind/design/standard/stylesheets/ezajax_autocomplete.css"/> <script src="/web/20160602042918js_/http://asia.nikkei.com/JavaScript/jquery-1.10.1.min.js"></script> <script src="/web/20160602042918js_/http://asia.nikkei.com/JavaScript/jquery-ui-1.10.3.custom.min.js"></script> <script src="/web/20160602042918js_/http://asia.nikkei.com/JavaScript/nar_v024.js"></script> <script src="/web/20160602042918js_/http://asia.nikkei.com/JavaScript/slider_v001.js"></script> <script type="text/javascript"> var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; (function() { var gads = document.createElement("script"); gads.async = true; gads.type = "text/javascript"; var useSSL = "https:" == document.location.protocol; gads.src = (useSSL ? "https:" : "http:") + "//web.archive.org/web/20160602042918/http://www.googletagservices.com/tag/js/gpt.js"; node =document.getElementsByTagName("script")[0]; node.parentNode.insertBefore(gads, node); })(); </script> <script type="text/javascript"> googletag.cmd.push(function() { googletag.defineSlot('/7049/NikkeiEnglish_728*90', [728, 90], 'div-gpt-ad-1375148224113-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_1', [300, 250], 'div-gpt-ad-1375148072299-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_2', [300, 250], 'div-gpt-ad-1375260461786-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_3', [300, 250], 'div-gpt-ad-1404116812193-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InRead_Article', [1, 1],'div-gpt-ad-1396427317542-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InBoard_Article', [1, 1], 'div-gpt-ad-1410933087819-0').addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); </script> <script type="text/javascript"> var YUI3_config = {base: "/extension/ezjscore/design/standard/lib/yui/3.9.0/build/", modules: {}, combine: false}; var YUI2_config = {base: "/extension/ezjscore/design/standard/lib/yui/2.8.2/build/", modules: {}, combine: false}; </script> <script type="text/javascript" src="/web/20160602042918js_/http://asia.nikkei.com/js/7bebe13.js"></script> <script type="text/javascript"> <!-- user_category =""; login_flag = false; var authority = "A1"; var memberId = ""; var aid = ""; var contractId = "" ; var contractName = "" ; --> </script> <script type="text/javascript"><!-- $(function() { if(("user_section" in window) && ("user_status" in window)){ if (user_section == 1 && user_status == 2){ if(!NAR_js.has_cookie('odm')) { NAR_js.modal_gd('02_01'); NAR_js.set_oneday_cookie('odm'); } } } }); --></script> <script>(function() { var _fbq = window._fbq || (window._fbq = []); if (!_fbq.loaded) { var fbds = document.createElement('script'); fbds.async = true; fbds.src = '//web.archive.org/web/20160602042918/http://connect.facebook.net/en_US/fbds.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(fbds, s); _fbq.loaded = true; } _fbq.push(['addPixelId', '1076130949081971']); })(); window._fbq = window._fbq || []; window._fbq.push(['track', 'PixelInitialized', {}]); </script> <noscript><img height="1" width="1" alt="" style="display:none" src="https://web.archive.org/web/20160602042918im_/https://www.facebook.com/tr?id=1076130949081971&ev=PixelInitialized"/></noscript> <script src="//web.archive.org/web/20160602042918js_/http://assets.adobedtm.com/43692acb8f62beca52063bd53825dcc138f4617b/satelliteLib-f0b759d61953ea549c6cc70abb26c8ddca3274f5.js"></script> </head> <body> <div id="fb-root"></div> <script type="text/javascript"> window.fbAsyncInit = function() { // FB initialize FB.init({ appId : '250799988299057', xfbml : true, version : 'v2.5' }); // Subscribe to the Like event FB.Event.subscribe('edge.create',function(response){ var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Facebook', 'socialAction': 'follow', 'socialTarget': narURL }); ga('send', 'event', 'Facebook', 'follow', 'Facebook-follow',0, {nonInteraction:true}); }); // Subscribe to the UnLike event FB.Event.subscribe('edge.remove',function(response){ var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Facebook', 'socialAction': 'unfollow', 'socialTarget': narURL }); ga('send', 'event', 'Facebook', 'unfollow', 'Facebook-unfollow',0, {nonInteraction:true}); }); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "//web.archive.org/web/20160602042918/http://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); window.twttr = (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0], t = window.twttr || {}; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "https://web.archive.org/web/20160602042918/https://platform.twitter.com/widgets.js"; fjs.parentNode.insertBefore(js, fjs); t._e = []; t.ready = function(f) { t._e.push(f); }; return t; }(document, "script", "twitter-wjs")); </script> <!-- /#header --> <div id="header"> <div class="header-banner"> <!-- NikkeiEnglish_728*90--> <div id="div-gpt-ad-1375148224113-0" style="width:728px; height:90px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375148224113-0'); }); </script> </div> <div id="login_before" class=""><a href="https://web.archive.org/web/20160602042918/https://regist.asia.nikkei.com/member/register/?n_cid=NARAN041"><img src="/web/20160602042918im_/http://asia.nikkei.com/static/pr/20160107-pc_header230x90.jpg" alt=""/></a></div> <div id="login_after" class="display_none"><a href="/web/20160602042918/http://asia.nikkei.com/magazine/?n_cid=NARAN068"><img src="/web/20160602042918im_/http://asia.nikkei.com/static/pr/20160107-pc_header230x90_rtm.jpg" alt=""/></a></div> <script language="JavaScript" type="text/javascript"> NAR_js.pr_header(); </script> </div> <div class="header-content"> <div class="logo"><a href="/web/20160602042918/http://asia.nikkei.com/"><img src="/web/20160602042918im_/http://asia.nikkei.com/images/img_logo.png" alt="Nikkei Asian Review"/></a></div> <div class="header-tool"> <ul class="base-list"> <li class="sp-l-menu ct_hidden"><a href="javascript:void(0)" class="js_balloon">Log in</a></li> <li class="sp-l-menu"><a href="/web/20160602042918/http://asia.nikkei.com/member/register/?n_cid=NARAN040">Subscribe</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/about">About Nikkei Asian Review</a></li> </ul> <div> <div class="change-region">Sort by Region <table> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=1">Mainland China</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=2">North Korea</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=3">South Korea</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=4">Japan</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=5">Taiwan</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=6">Hong Kong, Macau</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=7">Vietnam</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=8">Laos, Cambodia, Myanmar</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=9">Thailand</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=10">Malaysia</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=11">Singapore</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=12">Philippines</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=13">Indonesia</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=14">India</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=15">Pakistan, Bangladesh,Sri Lanka, Nepal, Bhutan</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=16">Mongolia, Central Asia, Afghanistan</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=17">Russia, Caucasus</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=18">Australia, New Zealand, Pacific Islands</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=19">Turkey</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=20">Iran</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=21">Middle East, North Africa</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=22">Sub-Saharan Africa</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=23">Europe</a></td> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=24">North America</a></td> </tr> <tr> <td><a href="/web/20160602042918/http://asia.nikkei.com/search/findByRegion?facet_region=25">Latin America</a></td> </tr> </table> </div> <div> <form name="searchHeadArticles" action="/web/20160602042918/http://asia.nikkei.com/search/find"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search articles"/> <a href="#">search</a> <div id="header-autocomplete-rs"></div> </div> </form> <script language="JavaScript" type="text/javascript"> jQuery('#header-autocomplete-rs').css('width', '174px'); var autocomplete = new eZAJAXAutoComplete({ url: "/ezjscore/call/custom::autocomplete", inputid: 'SearchText', containerid: 'header-autocomplete-rs', minquerylength: 2, resultlimit: 5 }); </script> </div> <div> <form name="searchHeadCompanies" action="/web/20160602042918/http://asia.nikkei.com/Company/SearchResults"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search companies"/> <a href="#">search</a> </div> </form> </div> </div> </div> <div id="modal-login-balloon"> <div class="js_form-login-balloon_loading-layer" style="position: absolute; top: 0; left: 0; right: 0; bottom: 0; background: rgba(255, 255, 255, 0.3); z-index: 120; display: none;"></div> <img src="/web/20160602042918im_/http://asia.nikkei.com/images/bg_load_2.gif" alt="loading..." class="js_form-login-balloon_loading-img" style="position: absolute; top: 50%; left: 50%; margin-left: -24px; margin-top: -24px; z-index: 150; display: none;"/> <form id="js_form-login-balloon" class="bg" action="https://web.archive.org/web/20160602042918/https://regist.asia.nikkei.com/member/auth/login/process"> <div class="login-form"> <h3 class="title">Log in</h3> <div class="input-form"> <dl> <dt>E-mail address/ID</dt> <dd class="js_valid js_notnull js_type_loginId"> <input type="text" class="js_vc-mail" name="formLogin[loginId]" id="js_form-login-balloon_loginId" msg_require="Please enter your e-mail address/ID" msg_type="Please enter valid e-mail address/ID" maxlength="100" style="ime-mode: disabled;"/> <p class="error"></p> </dd> <dt>Password<span class="arrow"><a href="/web/20160602042918/http://asia.nikkei.com/member/password/" tabindex="-1">Forgot password?</a></span></dt> <dd class="js_valid js_notnull"> <input type="password" name="formLogin[password]" id="js_form-login-balloon_password" msg_require="Please enter your password" maxlength="30"/> <p class="error"></p> </dd> </dl> <div><label><input type="checkbox" checked="checked" name="formLogin[rememberMe]" id="js_form-login-balloon_rememberMe"/>Remember me</label></div> <div class="login-btn"><button type="submit" id="login-balloon-submit" class="general-submit-btn js_btn-submit"><span>Log in</span></button></div> <input type="hidden" name="formLogin[mode]" id="js_form-login-balloon_mode" value="NORMAL"/> </div> </div> </form> <a class="close-btn js_close">close</a> <script type="text/javascript"><!-- $(document).ready( function() { $("#js_form-login-balloon").submit( function() { NAR_js.login($("#js_form-login-balloon")); return false; }); }); --></script> </div><!-- /#login-balloon --> </div> <div class="navigation active"> <div class="inner"> <ul> <li><a href="/web/20160602042918/http://asia.nikkei.com/">Home</a></li> <li class="list-open"> <a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/">Politics & Economy</a> <div class="list-menu"> <ul> <li><a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/Policy-Politics">Policy & Politics</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/Economy/">Economy</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/International-Relations/">International Relations</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160602042918/http://asia.nikkei.com/Business/">Business</a> <div class="list-menu"> <ul> <li><a href="/web/20160602042918/http://asia.nikkei.com/Business/Companies/">Companies</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Business/AC"> Asia300</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Business/Trends/">Trends</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Business/Deals">Deals</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Business/Executive-Lounge">Executive Lounge</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Business/Consumers/">Consumers</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160602042918/http://asia.nikkei.com/Markets/">Markets</a> <div class="list-menu"> <ul> <li><a href="/web/20160602042918/http://asia.nikkei.com/Markets/Capital-Markets/">Capital Markets</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Markets/Equities">Equities</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Markets/Currencies/">Currencies</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Markets/Commodities/">Commodities</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Markets/Property/">Property</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Markets/Tokyo-Market/">Tokyo Market</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Markets/Nikkei-PMI/">Nikkei PMI</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160602042918/http://asia.nikkei.com/Tech-Science/">Tech & Science</a> <div class="list-menu"> <ul> <li><a href="/web/20160602042918/http://asia.nikkei.com/Tech-Science/Tech/">Tech</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Tech-Science/Science/">Science</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/">Viewpoints</a> <div class="list-menu"> <ul> <li><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Viewpoints/">Viewpoints</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Editorial/">Editorial</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160602042918/http://asia.nikkei.com/Life-Arts/">Life & Arts</a> <div class="list-menu"> <ul> <li><a href="/web/20160602042918/http://asia.nikkei.com/Life-Arts/Life/">Life</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Life-Arts/Arts/">Arts</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Life-Arts/Japan-Trends/">Japan Trends</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Life-Arts/Education/">Education</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Life-Arts/Milestone/">Milestone</a></li> </ul> </div> </li> <li class="list-open"> <a>Features</a> <div class="list-menu"> <ul> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/The-Future-of-Asia-2016/">The Future of Asia 2016</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/Obama-s-historic-visit-to-Hiroshima/">Obama's visit to Hiroshima</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/G-7-summit-in-Ise-Shima/">Ise-Shima summit</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/Taiwan-s-transition-Challenge-ahead-for-President-Tsai/">Taiwan's transition</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/Duterte-s-Philippines/">Duterte's Philippines</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/Mitsubishi-Motors-emissions-scandal/">Mitsubishi Motors scandal</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/Kyushu-earthquakes/">Kyushu earthquakes</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/Panama-Papers/">Panama Papers</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/North-Korea-launches-long-range-rocket/">Pyongyang provocation</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/China-up-close/">China up close</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/CEO-in-the-news/">CEO in the news</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/Company-in-focus/">Company in focus</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Features/Tea-Leaves/">Tea Leaves</a></li> </ul> </div> </li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Japan-Update/">Japan Update</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/magazine">Print Edition</a></li> </ul> </div> </div> </div><!-- /#header --> <div id="content"> <div class="primary"> <h1 class="glance">Viewpoints</h1> <div class="article list-area"> <div class="article-box"> <div class="column-layout feature list"> <div class="img-side"> <a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Viewpoints/Martin-Wolf-No-central-banks-have-not-exhausted-their-policy-options"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/0520t/20160526_negative_rates/4529743-1-eng-GB/20160526_negative_rates_main_image.jpg" width="280" alt=""/> </a> </div> <div class="feature-article"> <div class="sub-title">Nikkei-FT Joint Special Report</div> <h2 class="title"><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Viewpoints/Martin-Wolf-No-central-banks-have-not-exhausted-their-policy-options">Martin Wolf -- No, central banks have not exhausted their policy options</a></h2> <p>Have we reached the limits of monetary policy? No. The central banks' medicine cabinet is still full. Yet using the old treatments more aggressively or using altogether new treatments creates political, financial and economic risks.Worse, such action...</p> <div class="more space"><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Viewpoints">more in Viewpoints</a></div> </div> </div> </div> <div class="two-column"> <div class="article-list"> <div class="article-box"> <ul> <li> <div class="sub-title">Commentary</div> <h2 class="title"><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Viewpoints/Guy-de-Jonquieres-UK-Brexit-s-muddled-economics">Guy de Jonquieres -- UK Brexit's muddled economics</a></h2> <div class="thumbnail-text"> <a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Viewpoints/Guy-de-Jonquieres-UK-Brexit-s-muddled-economics"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201606/20160601/20160601_brexit_ap/4586275-1-eng-GB/20160601_brexit_ap_small_thumbnail.jpg" width="80" alt=""/> </a> <p>British exit from the EU would create costly uncertainty in a quest for elusive national sovereignty, says Guy de Jonquieres.</p> </div> <div class="other-list"> <ul class="point-list"> <li><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Viewpoints/Washington-will-get-TPP-right-US-ASEAN-business-chief"><span class="sub-title-s">Interview: </span>Washington will get TPP right -- US-ASEAN business chief</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Viewpoints/Nicholas-Spiro-G7-summit-reveals-limits-to-monetary-policy"><span class="sub-title-s">Commentary: </span>Nicholas Spiro -- G7 summit reveals limits to monetary policy</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Malcolm-Cook-Estrada-redux"><span class="sub-title-s">Commentary: </span>Malcolm Cook -- Estrada redux?</a></li> </ul> <div class="more space"><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Viewpoints">more in Viewpoints</a></div> </div> </li> <li> <h2 class="title"><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Editorial/Editorial-Obama-s-Hiroshima-visit-can-inspire-steps-toward-Asian-stability">Editorial: Obama's Hiroshima visit can inspire steps toward Asian stability</a></h2> <div class="thumbnail-text"> <a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Editorial/Editorial-Obama-s-Hiroshima-visit-can-inspire-steps-toward-Asian-stability"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201606/0601t/20160601_obama_hiroshima_speech/4587373-1-eng-GB/20160601_obama_hiroshima_speech_small_thumbnail.jpg" width="80" alt=""/> </a> <p>More than 70 years have passed since the U.S. dropped atomic bombs on the Japanese cities of Hiroshima and Nagasaki. Compared with the long postwar years, President Barack Obama's visit to Hiroshima on May 27 was a fleeting moment. Nonetheless, his v...</p> </div> <div class="other-list"> <ul class="point-list"> <li><a href="/web/20160602042918/http://asia.nikkei.com/magazine/20160526-FACING-UP-TO-HISTORY/Viewpoints/Editorial-Tsai-walking-cross-strait-tightrope">Editorial: Tsai walking cross-strait tightrope</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/magazine/20160519-China-Inc.-uncovered/Viewpoints/Editorial-New-Philippine-leader-must-join-the-global-conversation">Editorial: New Philippine leader must join the global conversation</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/magazine/20160512-WEALTHIER-UNHEALTHIER/Viewpoints/Editorial-Quelling-anti-globalization-wave-needs-wise-words-smart-policy">Editorial: Quelling anti-globalization wave needs wise words, smart policy</a></li> </ul> <div class="more space"><a href="/web/20160602042918/http://asia.nikkei.com/Viewpoints/Editorial">more in Editorial</a></div> </div> </li> </ul> </div> </div> <div class="sub-area"> <div class="sub-box"> <h3 class="title"><a href="/web/20160602042918/http://asia.nikkei.com/Features/Shoichiro-Toyoda">Shoichiro Toyoda</a></h3> <h4><a href="/web/20160602042918/http://asia.nikkei.com/Features/Shoichiro-Toyoda/Shoichiro-Toyoda-29-Eyes-forward">Shoichiro Toyoda (29): Eyes forward</a></h4> <div class="column-layout"> <a href="/web/20160602042918/http://asia.nikkei.com/Features/Shoichiro-Toyoda/Shoichiro-Toyoda-29-Eyes-forward"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2014/201407/20140724/20140724_rirekisho29/1187946-1-eng-GB/20140724_rirekisho29_small_thumbnail.jpg" width="80" alt=""/> </a> <p>With our overseas operations steadily expanding and our ranks of international employees g...</p> </div> <div class="more"><a href="/web/20160602042918/http://asia.nikkei.com/Features/Shoichiro-Toyoda">more</a></div> </div> <div class="sub-box"> <h3 class="title"><a href="/web/20160602042918/http://asia.nikkei.com/Features/Jean-Claude-Trichet">Jean-Claude Trichet </a></h3> <h4><a href="/web/20160602042918/http://asia.nikkei.com/Features/Jean-Claude-Trichet/Jean-Claude-Trichet-29-A-very-busy-grandpa">Jean-Claude Trichet (29): A 'very busy grandpa'</a></h4> <div class="column-layout"> <a href="/web/20160602042918/http://asia.nikkei.com/Features/Jean-Claude-Trichet/Jean-Claude-Trichet-29-A-very-busy-grandpa"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2014/201409/20140924/trichet-29-men-naka/1412637-1-eng-GB/Trichet-29-men-naka_small_thumbnail.jpg" width="80" alt=""/> </a> <p>My wife, Aline, teasingly calls me a "very busy grandpa." I am indeed busy. I have the p...</p> </div> <div class="more"><a href="/web/20160602042918/http://asia.nikkei.com/Features/Jean-Claude-Trichet">more</a></div> </div> </div> </div> </div> </div> <div class="secondary"> <div class="link-box "> <h5 class="title"><a href="/web/20160602042918/http://asia.nikkei.com/Latestheadlines">Latest headlines</a></h5> <ul class="headline-list"> <li> <a href="/web/20160602042918/http://asia.nikkei.com/Markets/Commodities/Philippine-banana-blight-feeds-price-surge-in-Japan">Philippine banana blight feeds price surge in Japan</a> </li> <li> <a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/Policy-Politics/No-more-excuses-Reform-must-go-on">No more excuses: Reform must go on</a> </li> <li> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Trends/NAND-flash-memory-prices-likely-to-climb-again">NAND flash memory prices likely to climb again</a> </li> <li> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Deals/SoftBank-s-Alibaba-sale-increases-to-8.9bn">SoftBank's Alibaba sale increases to $8.9bn</a> </li> <li> <a href="/web/20160602042918/http://asia.nikkei.com/magazine/20160602-THE-BUSINESS-of-HALAL/Viewpoints/Editorial-Obama-s-Hiroshima-visit-can-inspire-steps-toward-Asian-stability">Editorial: Obama's Hiroshima visit can inspire steps toward Asian stability</a> </li> </ul> <div class="more"><a href="/web/20160602042918/http://asia.nikkei.com/Latestheadlines">more</a></div> </div> <div class="rectangle"> <!-- NikkeiEnglish_300*250_1 --> <div id="div-gpt-ad-1375148072299-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375148072299-0'); }); </script> </div> </div> <!-- Follow Nikkei Asian Review --> <div class="link-box"> <h5 class="title">Follow Nikkei Asian Review</h5> <table class="follow-nar"> <tr> <th><div class="fb-like" data-href="https://www.facebook.com/nikkeiasianreview/" data-layout="button_count" data-action="like" data-show-faces="false" data-share="false"></div></th> <td class="Facebook">The best content posted</td> </tr> <tr> <th><a href="https://web.archive.org/web/20160602042918/https://twitter.com/NAR" class="twitter-follow-button" data-show-count="false">Follow @NAR</a> </th> <td class="Twitter">The latest headlines tweeted</td> </tr> </table> </div> <div class="link-box "> <h5 class="title">Most read</h5> <ul class="ranking-list"> <li class="number1"> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Companies/Apple-to-extend-iPhone-s-product-cycle"><span class="sub-title-s">Exclusive: </span>Apple to extend iPhone's product cycle</a> </li> <li class="number2"> <a href="/web/20160602042918/http://asia.nikkei.com/Japan-Update/Panasonic-to-pull-plug-on-LCD-TV-panels"><span class="sub-title-s">Exclusive: </span>Panasonic to pull plug on LCD TV panels</a> </li> <li class="number3"> <a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/Economy/Tokyo-s-plan-to-spark-growth-could-prove-a-flash-in-the-pan">Tokyo's plan to spark growth could prove a flash in the pan</a> </li> <li class="number4"> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Deals/Toyota-nearing-deal-to-buy-robot-maker-Boston-Dynamics-from-Google">Toyota nearing deal to buy robot maker Boston Dynamics from Google</a> </li> <li class="number5"> <a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Abe-the-decider-riles-own-party">Abe the decider riles own party</a> </li> </ul> </div> <div class="link-box "> <h5 class="title">Editor's picks</h5> <ul class="photo-list another-case"> <li> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Companies/New-Nintendo-chief-Kimishima-breaks-with-the-past"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/0530t/0530-nintendo/4574074-1-eng-GB/0530-nintendo_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Companies/New-Nintendo-chief-Kimishima-breaks-with-the-past">New Nintendo chief Kimishima breaks with the past</a> </p> </li> <li> <a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/International-Relations/David-I.-Steinberg-US-moves-on-Vietnam-and-Myanmar-highlight-glaring-discrepancies"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/0529t/20160529_suukyi/4572352-1-eng-GB/20160529_suukyi_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160602042918/http://asia.nikkei.com/Politics-Economy/International-Relations/David-I.-Steinberg-US-moves-on-Vietnam-and-Myanmar-highlight-glaring-discrepancies"><span class="sub-title-s">Commentary: </span>David I. Steinberg -- US moves on Vietnam and Myanmar highlight glaring discrepancies</a> </p> </li> <li> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Trends/Online-pyramid-schemes-proliferating-in-China"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/0530-onlinpyramid/4575480-1-eng-GB/0530-onlinpyramid_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Trends/Online-pyramid-schemes-proliferating-in-China">Online pyramid schemes proliferating in China</a> </p> </li> <li> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Companies/Soccer-coming-home-as-Adidas-returns-to-Germany"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/0530t/20160530_adidas_thumnail/4575765-1-eng-GB/20160530_adidas_Thumnail_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160602042918/http://asia.nikkei.com/Business/Companies/Soccer-coming-home-as-Adidas-returns-to-Germany">Soccer coming home as Adidas returns to Germany</a> </p> </li> <li> <a href="/web/20160602042918/http://asia.nikkei.com/Markets/Commodities/Iron-ore-heads-down-again-Lower-for-longer"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/0527t/iron-ore-mine-in-west-australia-november-2015/4567902-1-eng-GB/Iron-ore-mine-in-West-Australia-November-2015_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160602042918/http://asia.nikkei.com/Markets/Commodities/Iron-ore-heads-down-again-Lower-for-longer"><span class="sub-title-s">Commodities eye: </span>Iron ore heads down again -- Lower for longer?</a> </p> </li> </ul> </div> <div class="rectangle"> <!-- NikkeiEnglish_300*250_2 --> <div id="div-gpt-ad-1375260461786-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375260461786-0'); }); </script> </div> </div> <!-- Videos --> <div class="link-box videos"> <h5 class="title"><a href="https://web.archive.org/web/20160602042918/http://video.asia.nikkei.com/">Videos</a></h5> <div class="column-layout"> <ul class="video-detail"> <li> <a href="https://web.archive.org/web/20160602042918/http://video.asia.nikkei.com/detail/videos/select/video/4919098319001/philippines-pushes-asean-centrality"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/philippine-interview/4587005-1-eng-GB/Philippine-Interview.jpg" width="80" alt=""> <p>Philippines keeps ASEAN growth in mind</p> </a> </li> <li> <a href="https://web.archive.org/web/20160602042918/http://video.asia.nikkei.com/detail/videos/select/video/4921836635001/thailand-looking-to-be-part-of-tpp"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/thai-interview/4587016-1-eng-GB/Thai-Interview.jpg" width="80" alt=""> <p>Thailand's intent to join TPP</p> </a> </li> <li> <a href="https://web.archive.org/web/20160602042918/http://video.asia.nikkei.com/detail/videos/select/video/4891324615001/us-navy-landing-practice-at-iwo-jima"> <img src="/web/20160602042918im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/iwojima-touch-and-go/4487591-1-eng-GB/Iwojima-Touch-and-go.jpg" width="80" alt=""> <p>Touch-and-go practice on Iwojima</p> </a> </li> </ul> </div> <div class="more"><a href="https://web.archive.org/web/20160602042918/http://video.asia.nikkei.com/">more</a></div> </div> <div class="rectangle"> <!-- NikkeiEnglish_300*250_3 --> <div id="div-gpt-ad-1404116812193-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1404116812193-0'); }); </script> </div> </div> <!-- NikkeiEnglish_InRead_Article --> <div id="div-gpt-ad-1396427317542-0" style="width:1px; height:1px;"> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if ((obCheck >= 1) && !(vdCheck >= 1)) { if((authority == "A1" || authority == "A2") && (cms_section == 8 || cms_section == 10)){ var current_cookie_name = String(now_date.getFullYear())+String(now_date.getMonth()+1)+"vc"; var current_user_view_count = getCookie(current_cookie_name); var current_cookie_nameList = current_cookie_name+"l"; var current_user_view_article_list = getCookieList(current_cookie_nameList); var in_array_flag = false; for(var i = 0; i < current_user_view_article_list.length; i++) { if(current_user_view_article_list[i] == article) { in_array_flag = true; } } if((authority == "A1") && (current_user_view_count >= article_limit) && !in_array_flag){ } else if((authority == "A2") && (current_user_view_count >= article_limit_free) && !in_array_flag) { } else { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1396427317542-0'); }); } } else if((authority == "A1" || authority == "A2") && (cms_section == 9)){ } else { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1396427317542-0'); }); } } </script> </div> <!-- NikkeiEnglish_InBoard_Article --> <div id="div-gpt-ad-1410933087819-0" style="width:1px; height:1px;"> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if ((obCheck >= 1) && !(vdCheck >= 1)) { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1410933087819-0'); }); } </script> </div> </div> </div><!-- /#content --> <div id="footer"> <div class="footer-content"> <img src="/web/20160602042918im_/http://asia.nikkei.com/images/img_logo_footer.png" alt="Nikkei Asian Review"/> <div class="footer-link"> <ul class="snsicon-list"> <li class="Facebook"><a href="https://web.archive.org/web/20160602042918/https://www.facebook.com/nikkeiasianreview" target="_blank">Facebook</a></li> <li class="Twitter"><a href="https://web.archive.org/web/20160602042918/https://twitter.com/NAR" target="_blank">Twitter</a></li> <li class="LinkedIn"><a href="https://web.archive.org/web/20160602042918/http://www.linkedin.com/company/nikkei-asian-review" target="_blank">LinkedIn</a></li> <li class="Google"><a href="https://web.archive.org/web/20160602042918/https://plus.google.com/105293795757249725929/posts" target="_blank">Google+</a></li> <li class="YouTube"><a href="https://web.archive.org/web/20160602042918/https://www.youtube.com/user/NikkeiAsia" target="_blank">YouTube</a></li> <li class="RSS"><a href="/web/20160602042918/http://asia.nikkei.com/info/rss" target="_blank">RSS</a></li> </ul> <ul class="appstore-link"> <li><a href="https://web.archive.org/web/20160602042918/http://itunes.com/apps/thenikkeiasianreview" target="_blank"><img src="/web/20160602042918im_/http://asia.nikkei.com/images/banner_appstore_l.png" alt="App store"/></a></li> <li><a href="https://web.archive.org/web/20160602042918/https://play.google.com/store/apps/details?id=com.nikkei.asianreview" target="_blank"><img src="/web/20160602042918im_/http://asia.nikkei.com/images/banner_googleplay_l.png" alt="google play"/></a></li> </ul> </div> </div> <ul class="footer-nav base-list"> <li><a href="/web/20160602042918/http://asia.nikkei.com/info/about">About Nikkei Asian Review</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/info/sitemap">Site map</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/info/help">Help</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/contact">Contact us</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/info/terms-of-use">Terms of use</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/info/copyright">Copyright</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/info/privacy">Privacy & cookie policy</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/info/advertising">Advertising</a></li> <li><a href="/web/20160602042918/http://asia.nikkei.com/info/announcements">Announcements</a></li> </ul> <div class="footer-tool"> <div class="copyright">Copyright © 2016 Nikkei Inc. All rights reserved.</div> <div class="language"> <ul class="base-list"> <li><a href="https://web.archive.org/web/20160602042918/http://www.nikkei.com/" target="_BLANK">Japanese</a></li> <li><a href="https://web.archive.org/web/20160602042918/http://cn.nikkei.com/" target="_BLANK">Chinese</a></li> </ul> </div> </div> </div><!-- /#footer --> <div id="ms-link"> <ul> <li><a href="javascript:void(0);" onclick="javascript:NAR_js.view_change('sp');">Mobile site</a></li> </ul> </div> <div id="modal_gd02_01" class="util"> <h3 class="title">Update your payment information</h3> <div> <p>Your subscription renewal could not be processed. Please update your payment information to continue enjoying the Nikkei Asian Review.</p> <div class="login-btn"><a href="/web/20160602042918/http://asia.nikkei.com/member/edit/plan?return_url=/Viewpoints&n_cid=NARAN007" class="general-btn" id="resubscribe"><span>Resubscribe now</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLogin(FreeUser)"></div> </div><!-- /#modal --> <div id="modal-screen_gd02_01"></div> <div id="modal_gd06_01" class="util expiration"> <h3 class="title">Your trial period has expired</h3> <div> <p> Subscribe today to continue enjoying NAR.<br> • Unlimited access to asia.nikkei.com<br> • Unlimited access to NAR mobile and tablet apps<br> • Add delivery of NAR in print each week </p> <div class="login-btn"><a href="/web/20160602042918/http://asia.nikkei.com/member/register/?return_url=/Viewpoints&n_cid=NARAN006" class="general-btn" id="subscribe"><span>See all offers and subscribe</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDExpired(TrialUser)"></div> </div><!-- /#modal --> <div id="modal-screen_gd06_01"></div> <div id="modal_gd09_01" class="util expiration"> <img src="/web/20160602042918im_/http://asia.nikkei.com/images/img_logo.png" alt="nikkei asian review"/> <img src="/web/20160602042918im_/http://asia.nikkei.com/images/For_welcome_modal.png" alt="cover"/> <h3 class="title"></h3> <div> <p class="explain"> Nikkei Asian Review is the only publication that brings you Insight about Asia, from the inside out. XXcontractNameXX has enabled you free full access to Nikkei Asian Review. </p> <div class="login-btn"><a href="#" class="general-btn js_close"><span>Close this message</span></a></div></div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDWelcome(IPUser)"></div> <div style="display:none" class="value" id=""></div> </div><!-- /#modal --> <div id="modal-screen_gd09_01"></div> <div id="footer-script"> <script type="text/javascript"> var page = "1"; if(typeof authority === "undefined"){ var authority = ""; } if(typeof memberId === "undefined"){ var memberId = ""; } if(typeof contractId === "undefined"){ var contractId = ""; } var viewMode = "PC"; </script> <!--SiteCatalyst code--> <script type="text/javascript"> var now = new Date(); var pageName = location.href; var channel = "NAR"; var server = document.domain; var pageType = ""; var prop1 = "NAR-Viewpoints"; var prop2 = "NAR-Viewpoints-TOP"; var prop3 = ""; var prop4 = ""; var prop5 = ""; var prop6 = now.getHours(); var prop9 = ""; var prop10 = ""; var prop11 = ""; var prop12 = ""; var prop25 = ""; var prop26 = ""; var prop27 = ""; var prop28 = authority; var prop29 = ""; var prop34 = viewMode; var prop35 = contractId; var prop44 = memberId; </script> <!-- SiteCatalyst code version: H.9. Copyright 1997-2007 Omniture, Inc. More info available at http://www.omniture.com --> <script language="JavaScript" src="https://web.archive.org/web/20160602042918js_/http://parts.nikkei.com/parts/SC/NAR/s_codeNAR20141101.js"></script> <script language="JavaScript" src="https://web.archive.org/web/20160602042918js_/http://cdn.nikkei.com/parts/SC2/s_cDS.js"></script> <script language="JavaScript"> <!-- if(navigator.appVersion.indexOf('MSIE')>=0)document.write(unescape('%3C')+'\!-'+'-') //--></script> <noscript><a href="https://web.archive.org/web/20160602042918/http://www.omniture.com/" title="Web Analytics"><img src="https://web.archive.org/web/20160602042918im_/http://nikkei.d1.sc.omtrdc.net/b/ss/nikkeicojpgrpmstallprod,nikkeicojpdsmstallprod,nikkeicojpnarprod/1/H.9--NS/0" height="1" width="1" border="0" alt=""/> </a></noscript> <!--/DO NOT REMOVE/--> <!-- End SiteCatalyst code version: H.9. --> <!--/SiteCatalyst code--> <script> (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','//web.archive.org/web/20160602042918/http://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-44606671-1', 'asia.nikkei.com'); // Set custom dimension if(login_flag != "undefined"){ ga('set', 'dimension1', login_flag); } if(authority != "undefined" && authority != ""){ ga('set','dimension2', authority); } if(memberId != "undefined" && memberId !=""){ ga('set','dimension3', memberId); } if( aid != ""){ ga('set','dimension4', aid); } if(viewMode != "undefined"){ ga('set','dimension5', viewMode); } if(contractId != "undefined"){ ga('set','dimension6', contractId); } // Send view ga('send', 'pageview'); // Send event if(NAR_js.isCount == true){ ga('send', 'event', 'Article', 'countUp', 'Article-countUp', NAR_js.user_view_count, {nonInteraction:true}); } if(NAR_js.oneClickFree == true){ ga('send', 'event', 'OneClickFree', 'view', 'OneClickFree-view',{nonInteraction:true} ); } setTimeout("ga('send', 'event', 'unbounce', '15_sec')", 15000); </script> <script> // Twitter api twttr.ready(function (twttr) { twttr.events.bind( 'follow', function (event) { var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Twitter', 'socialAction': 'follow', 'socialTarget': narURL }); ga('send', 'event', 'Twitter', 'follow', 'Twitter-follow',0,{nonInteraction:true}); } ); }); </script> <script type="text/javascript"> /* <![CDATA[ */ var google_conversion_id = 1000997403; var google_custom_params = window.google_tag_params; var google_remarketing_only = true; /* ]]> */ </script> <script type="text/javascript" src="//web.archive.org/web/20160602042918js_/http://www.googleadservices.com/pagead/conversion.js"> </script> <noscript> <div style="display:inline;"> <img height="1" width="1" style="border-style:none;" alt="" src="//web.archive.org/web/20160602042918im_/http://googleads.g.doubleclick.net/pagead/viewthroughconversion/1000997403/?value=0&guid=ON&script=0"/> </div> </noscript> <script type="text/javascript"> window._tfa = window._tfa || []; _tfa.push({notify:"action", name: 'page_view'}); </script> <script src="//web.archive.org/web/20160602042918js_/http://cdn.taboola.com/libtrc/nikkeiasianreview-sc/tfa.js"></script> </div> <script type="text/javascript">_satellite.pageBottom();</script> </body> </html> <!-- FILE ARCHIVED ON 04:29:18 Jun 02, 2016 AND RETRIEVED FROM THE INTERNET ARCHIVE ON 20:05:41 Mar 02, 2025. JAVASCRIPT APPENDED BY WAYBACK MACHINE, COPYRIGHT INTERNET ARCHIVE. ALL OTHER CONTENT MAY ALSO BE PROTECTED BY COPYRIGHT (17 U.S.C. SECTION 108(a)(3)). --> <!-- playback timings (ms): captures_list: 0.684 exclusion.robots: 0.026 exclusion.robots.policy: 0.016 esindex: 0.01 cdx.remote: 7.228 LoadShardBlock: 422.317 (6) PetaboxLoader3.datanode: 299.893 (7) load_resource: 167.793 PetaboxLoader3.resolve: 51.606 -->