Asia Times - Asian Economics

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cellspacing="0" cellpadding="0"> <tr> <td width="10"> </td> <td align="left" valign="top" width="510"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="64%" valign="top">Asian Economy</td> <td width="36%"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td height="51" align="middle" valign="center"> <div align="right"> <script language="javascript"> function showDate(){ var monthArray=["Jan", "Feb", "Mar", "Apr", "May", "Jun", "Jul", "Aug", "Sep", "Oct", "Nov", "Dec"] var days=["Sunday", "Monday", "Tuesday", "Wednesday", "Thursday", "Friday", "Saturday"] var d=new Date(); var month=d.getMonth() var day=d.getDate() var year=d.getYear() // document.write("Today is " + days[d.getDay()] + " ") document.write(monthArray[month]) document.write(" ") document.write(day) document.write(", ") if(d.getYear()<2000){document.write(year+1900)} if(d.getYear()>2000){document.write(year)} } </script> <script language="javascript">showDate()</script> </div> </td> </tr> </table> </td> </tr> </table> <table width="100%" border="0" align="left" cellpadding="0" cellspacing="0"> <tr> <td width="65%" valign="top"> <table width="406" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="406"> <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EF03Dk01.html ">Future hazy for success of tobacco pact</a> Asian medical chiefs helped sponsor a World Health Organization anti-smoking treaty - the most sweeping in history - so they could keep multinationals out of the world's prime market for tobacco products. But there are fears for the treaty's demise unless there is a tradeoff on home-grown commercial interests. - Alan Boyd (Jun 2, '03) BANKING BUNKUM <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EE31Dk01.html ">Part 4b: The Japanese experience</a> The rapid change in global economics to a system driven by US dollar hegemony caught Japan, with its long-standing policy of a high-export regime and large trade surpluses, wrong-footed. The result has been a long period of economic stagnation. But, Henry C K Liu notes in this installment of his case against central banking that a new factor has entered the equation: a growing symbiosis between the Japanese and Chinese economies. (May 30, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/EE30Ae04.html ">Bilateral deals hinder ASEAN trade bloc</a> The rush of Association of Southeast Asian Nation members to sign free trade agreements with powerful trade partners such as the United States, Japan and China may jeopardize the region's bargaining strength as well as weaken the prospect of an ASEAN Free Trade Area. - Arun Bhattacharjee (May 29, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Global_Economy/EE23Dj01.html">Sliding greenback highlights trade deficit</a> As the US dollar continues its steep glissade against the euro, the mercantilist Asian currencies are tracking the greenback and adding to strains on the global financial system. The Asian countries are fattening their currency reserves and trade balances at the expense of the rest of the world and eventually the world is going to have to pay the price. - John Berthelsen (May 22, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EE02Dk01.html ">Big Mac Index: Serving the world's currencies</a> For more than a decade, The Economist has been using McDonald's signature sandwich to measure purchasing power parity. Gary LaMoshi explains how burgernomics is being put to good use as an accurate long-term tracker of exchange rates. (May 1, '03) SARS: Counting the costs The outbreak of severe acute respiratory syndrome in China and Southeast Asia has illustrated that for investors, perceptions are more important than facts. Focusing on the economic ramifications of SARS, John Berthelsen argues that the virus-inspired global panic is but a short-term economic nuisance that will soon pass. Phar Kim Beng views SARS as a more dangerous threat to the region, particularly China and Hong Kong. (Apr 30, '03)     <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes//images/arrow.gif" border="0"><a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EE01Dk01.html ">Panic outbreak won't stop trade</a>      <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes//images/arrow.gif" border="0"><a href="/web/20030604092343/http://atimes.com/atimes/China/EE01Ad01.html ">The dragon falls ill</a> <a href="/web/20030604092343/http://atimes.com/atimes/Central_Asia/ED18Ag02.html ">Russia eyes East Asian arms market</a> Eager to regain international prestige and influence, Russia is stepping up diplomatic efforts to secure a bigger foothold in the flourishing East Asian weapons trade as it quietly capitalizes on the region's ambivalence toward the US-led invasions of Iraq and Afghanistan. - Alan Boyd (Apr 17, '03) <a href="/web/20030604092343/http://atimes.com/atimes/China/ED05Ad04.html "> SARS threatening to cripple Hong Kong</a> After a year of economic downturn, record unemployment and a public that had been increasingly vocal in its criticism of local leaders, things were starting to look up for Hong Kong at the beginning of this year. That was before the outbreak of severe acute respiratory syndrome. Now the virus is attacking the pillars of the local economy. - Alan Fung (Apr 4, '03)     <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes//images/arrow.gif" border="0"><a href="/web/20030604092343/http://atimes.com/atimes/China/ED05Ad01.html ">Government sees short-term impact</a>      <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes//images/arrow.gif" border="0"><a href="/web/20030604092343/http://atimes.com/atimes/China/ED05Ad02.html ">While most see darkness, some see light</a>      <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes//images/arrow.gif" border="0"><a href="/web/20030604092343/http://atimes.com/atimes/China/ED05Ad03.html ">'Now I have time to read the classified ads'</a> <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/ED03Ae01.html"> Euro could outshine dollar in Indonesia</a> As a US-led war rages in Iraq, the almighty US dollar is under fire as the international currency of choice in Indonesia. Businesses, the central bank and some in government are eyeing the euro as an international transaction medium that could be less volatile in the long term and might carry less political baggage. - Tony Sitathan (Apr 2, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/ED02Dk01.html">SARS fever hits economies</a> Of the two current events damaging Asian economies - war in Iraq and the spread of severe acute respiratory syndrome - the latter appears to be the more dangerous threat. Stock markets are already reeling, and millions of jobs are on the line as a mixture of fear, ignorance and government self-denial frustrates efforts to keep the SARS infection threat in its proper context. - Alan Boyd (Apr 1, '03) <a href="/web/20030604092343/http://atimes.com/atimes/South_Asia/ED01Df01.html">Wrong turn seen in China's economic roadmap </a>China has followed a different path than India on the way it has opened up its markets, and up until now the Chinese have won nothing but accolades for their economic performance. The timing of the latest round of opening, however, could turn this trend around. - Jayanthi Iyengar (Mar 31, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EC27Dk01.html">Hedge funds beat the odds - for some</a> Hedge funds, the investment vehicles of the super-rich, are providing comfort and solace at a time when war fever is making world financial markets jittery. Though not without controversy, hedge funds, in Asia as in the rest of the world, are beginning to transform the financial community, with implications not just for the wealthy but for common investors as well. - John Berthelsen (Mar 26, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EC25Dk01.html">Asia's potential water fights</a> It has been forecast that 2.7 billion people, or one-third of the world's projected population, will not have access to enough water by 2025 - and the 57 river basins in Asia are viewed as potential flashpoints for conflict between riparian neighbors as population and development pressures strain dwindling water resources. - Alan Boyd (Mar 24, '03)     <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes//images/arrow.gif" border="0"><a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EC25Dk02.html">Forum fails to address water issues</a> <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EC15Dk01.html"> Asia's consumer revolution gets serious </a> Asia is now at a unique confluence of circumstances that has been developing for more than a decade. The result is a consumer revolution that promises to propel world trade and industry for a generation. - John Berthelsen (Mar 14, '03) <a href="/web/20030604092343/http://atimes.com/atimes/China/EC13Ad02.html">The importance of Central Asia to China</a> As China's economy continues to grow, so does its thirst for oil, and it has been busy investing in the vast petroleum resources of the Caspian Sea. China is not the only great power to understand the importance of Central Asia, but its interests in the region go beyond a stable energy supply. - Ehsan Ahrari (Mar 12, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EC13Dk01.html "> Asia-Pacific region to see tourism boom</a> With tourism increasing at twice the global average in the Asia-Pacific region, travel experts are predicting that China, India, Southeast Asia and Australia are destined to become major players in global travel. (Mar 12, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EC12Dk01.html">Outsourcing: Asia cashes in </a>As in the West, Asian-based corporations are discovering the substantial cost and organizational benefits of hiring outside specialists to handle such things as IT services previously done in-house. Tony Sitathan examines this phenomenon. (Mar 11, '03) <table class="" id="table1" style="WIDTH: 405px; HEIGHT: 148px" cellspacing="0" cellpadding="3" width="405" border="1"> <tr> <td class="" valign="top" bordercolor="red" align="left" height="0"><a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EC07Dk01.html">The demise of the Asian investment banker </a><img align="right" border="0" hspace="3" src="/web/20030604092343im_/http://atimes.com/atimes//images/monkey.gif" vspace="3">For years, downsized Asian investment bankers could retreat to Phuket and lie in the sun awaiting the upturn. But this time it is different. Today they are clearing their desks and flying home in "monkey class" seats, never to be seen again. Even before the equity bubble burst, there were abundant signs that this would happen. - Kevin Phillips (Mar 6, '03)</td> </tr> </table> <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EC07Dk02.html ">China's economic outlook gets high marks</a> A business poll conducted by the International Chamber of Commerce on the state of the world economy rated the economic outlook in China as the most positive in Asia. The survey placed Vietnam second in economic performance in the region. (Mar 6, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EC06Dk01.html">For East Asia, it's all about oil</a> Oil inventories are rising as Asia hoards against a threatened war in Iraq. But it may all be misplaced optimism unless the continent's key trading partners act more swiftly to resolve their own supply bottlenecks, and inaction will be long-term bad news for the economies of much of the region. - Alan Boyd (Mar 5, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Global_Economy/EC05Dj01.html "> CalPERS plays with investment fire</a> The California Public Employees Retirement System has changed its investment standards for emerging economies. Gary LaMoshi examines the controversial criteria as the pension fund takes a step away from the pursuit of returns toward becoming a global nanny - with CalPERS investors footing the bill. (Mar 4, '03) <hr color="darkorange"> (Advertisement) Investment Property / Real Estate Business hotel 47 kilometers from Frankfurt Airport, Germany, for sale. 40 rooms, restaurant and conference rooms for 200 people. Built in 1997. Price 2,500,000 euros including tax. Please contact <a href="https://web.archive.org/web/20030604092343/mailto:MichaHeuser@yahoo.de"> MichaHeuser@yahoo.de</a> or 00-49-172-268-8444.   <a href="https://web.archive.org/web/20030604092343/http://www.hotel-wasseruhr.de/" target="_blank"> Visit </a><a href="https://web.archive.org/web/20030604092343/http://www.hotel-wasseruhr.de/"> our site online</a><a href="https://web.archive.org/web/20030604092343/http://www.hotel-wasseruhr.de/"> at </a><a href="https://web.archive.org/web/20030604092343/http://www.hotel-wasseruhr.de/">www.hotel-wasseruhr.de</a> <hr color="darkorange"> <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/EB27Ae01.html "> APP confronts its paper tigers</a> A landmark deal signed in Bali at the end of September between Asia Pulp&Paper and its foreign creditors has soured. It's an ongoing saga of clashing interests on how to tackle APP's mountains of debt. - Bill Guerin (Feb 26, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Korea/EB25Dg04.html "> Investors waiting for Seoul's reassurance</a> <img align="left" border="0" hspace="3" src="/web/20030604092343im_/http://atimes.com/atimes//images/KWR-logo-tiny.gif">South Korea's economy is strong and dynamic, but foreign investment is still very important. Hence, in the face of regional tensions, a strain in its relations with the US and a recent downgrade in its sovereign credit rating by Moody's, it is crucial that Seoul reassure the world that South Korea is a stable and deserving investment destination. (Feb 24, '03) <a href="/web/20030604092343/http://atimes.com/atimes/South_Asia/EB22Df02.html ">Regional trade deals scare India</a> While China, South Korea, Japan and ASEAN countries have been busy cutting trade deals among themselves, India has been left out in the cold. Only now are New Delhi's policymakers waking up, but they will have to hurry. - Indrajit Basu (Feb 21, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Japan/EB22Dh01.html"> Wanted: An anti-deflation man (or woman)</a> Japanese officials were slow to recognize the danger of deflation in the 1990s but are finally taking it seriously, going so far as to warn other members of the G7 rich countries' club that the disease may be contagious. With that backdrop, Prime Minister Junichiro Koizumi continues his stoic search for a new central bank governor. - Richard Hanson (Feb 21, '03) BOOK REVIEW <a href="/web/20030604092343/http://atimes.com/atimes/China/EB22Ad03.html">The mystery behind Zhu's miracle</a> Zhu Rongji and the Transformation of Modern China, by Laurence J Brahm Chinese Premier Zhu Rongji has been the architect of China's economic boom for over a decade. This book looks at the man behind the transformation of the world's largest market, but, Gary LaMoshi notes, some major questions remain unanswered - perpetuating the mystery of the Chinese economic renaissance. (Feb 21, '03)    <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes//images/arrow.gif" border="0">Brahm interview: <a href="/web/20030604092343/http://atimes.com/atimes/China/EB22Ad02.html">'There are no non-reformers'</a> <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/EB08Ae08.html">Malaysia goes for gold</a> Boasting one of Asia's most open economies, Malaysia is often at the mercy of swings in its currency, despite pegging the ringgit to the US dollar and imposing capital control measures. Now the country is pursuing a possible solution that, while innovative, has its roots in the 7th century: the gold dinar standard. - Chee Yoke Heong (Feb 7, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/EA28Ae01.html ">Thailand's struggle to protect image, lure FDI</a> Attracting foreign direct investment is now more than ever before a competitive game. The battle for FDI is becoming intense - so intense that even Southeast Asia's onetime oasis of stability, Thailand, is feeling the heat. - Jeffrey Robertson (Jan 27, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EA24Dk01.html "> Unraveling the corporate governance mystery</a> The term "corporate governance" is often bandied about, but what does it actually mean? Although there is an undeniably somnolent quality to the term, Gary LaMoshi asks you to stay awake for its definition - billions of dollars are at stake, as several Asian governments have learned the hard way. (Jan 23, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/EA23Ae06.html"> Letting Indonesia's forests 'breathe' </a>International aid donors led by the World Bank, meeting in Bali this week, are poised to put their money where their mouths are and link future Indonesia aid to proof that Jakarta is cracking down on illegal logging. But although widespread corruption is at the root of the problem, the role of other countries in the rape of Indonesia's forests cannot be overlooked. - Bill Guerin (Jan 22, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/EA21Ae01.html "> Will the World Bank go green?</a> The World Bank finds itself under increasing pressure to ensure its loans do not end up in the hands of enemies of the environment. Cambodia provides the latest example. - Alan Boyd (Jan 20, '03) BANKING BUNKUM <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EA18Dk02.html">Part 4a: The Asian experience</a> The world's three leading economies, the United States, the European Union and Japan, have experienced a rare synchronous slowdown while much of the developing world, including Asia, has remained mired in economic and financial difficulties. As part of a series in which he makes a case against central banking, Henry C K Liu traces this phenomenon back to the Asian and Mexican financial crises and further, to the beginnings of the Cold War. (Jan 17, '03) BOOK REVIEW <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/EA18Dk01.html ">Asia's great and good in trying times</a> Recreating Asia: Visions for a New Century, by Frank-Jurgen Richter and Pamela C M Mar Compiled by the World Economic Forum, best known for its annual Davos conference, this work tries to take a look at what's ahead for Asian business through a series of essays by leading figures in government and industry. That's both the book's greatest strength and weakness. - Gary LaMoshi (Jan 17, '03) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/DL21Dk01.html ">US-style corporate abuses 'unheard' of in Asia</a> As the United States reels from corporate calamity, Asia has had no comparable scandals. Does Asia hold the key to good corporate governance? Wait, says Gary LaMoshi , all is not as transparent as it may seem. (Dec 20, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/DL14Dk01.html">Migrant workers head for dangerous shores</a> The number of Asians working abroad has soared since the late 1980s, with at least 10 million Asians accepting employment in another country next year. Only half, however, will be official migrants - leaving many workers unprotected and vulnerable to abuse. - Alan Boyd  (Dec 13, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/DL14Dk02.html">Electronics contractors cashing in </a>While many sectors of Asia's electronics industry are in the doldrums, one is laughing all the way to the bank: contract electronics manufacturing services. - Tony Sitathan (Dec 13, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/DL10Dk01.html">Tiger economies weather the storm</a> Sluggish US and Japanese economies, terrorist attacks, and a downturn in technology sales have not been able to shatter the comfort zone that East Asia has found within its own borders as most Tiger economies continue to thrive. - Alan Boyd (Dec 9, '02) <a href="/web/20030604092343/http://atimes.com/atimes/China/DL07Ad03.html ">China's NPLs: Ticking time bomb</a> Everything in China is big, and the problem of non-performing bank loans is no exception. But in China's case, the problem is made worse by the fact that banks are state-owned. Unless the country acts quickly and with the shrewdness demonstrated by South Korea, the whole banking system will be a state-owned disaster. - Dinkar Ayilavarapu (Dec 6, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/DL04Ae03.html">Thailand's gem capital </a>Rubies and sapphires once littered the ground in the eastern Thai town of Chantaburi, and kids played games of marbles with them. Those days are gone, but the skills of local craftsmen have helped the town maintain its solid reputation as one of the most important gem-trading capitals of the world. - Michael Spencer (Dec 3, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Japan/DK29Dh03.html">Japan: A fine, dull budget job </a>A shrinking tax base exacerbated by deflation, a persistent bank crisis, a headache-inducing budget debate - well, what's a politician to do but watch the sumo wrestling tournament? Meanwhile, Japan's formerly maligned Ministry of Finance is making a tentative comeback by managing the budget and protecting taxes. - Richard Hanson (Nov 28, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/DK28Ae02.html "> Weak footing for Indonesia's shoe industry</a> Indonesia's once mighty footwear industry is in danger of collapse if urgent measures are not taken to enable it to reassert itself in a market dominated by China and Vietnam. - Bill Guerin (Nov 27, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/DK26Dk01.html "> Environmental cost of Asia's development</a> Asia's growth-first strategy has focused on development without environmental protection. Ironically, this policy is costing Asian governments more money than adequate environmental protection would and is wreaking havoc on its people, habitats and economies. - Alan Boyd (Nov 25, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/DK19Dk01.html">India v China: It's all in the mind </a>In hard facts and figures, foreign investors can make an informed decision about the relative merits of particular countries, such as China and India, for example, which are increasingly competing for investor dollars. But when it comes to the mindset of a nation, the decision becomes much more tricky - and this could just be where India is losing out to the Dragon. - Jayanthi Iyengar (Nov 18, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Asian_Economy/DK16Dk02.html "> WHO's caught with the smoking gun?</a> A new World Health Organization treaty will ask those Asian governments that run state tobacco companies to endorse measures designed to stem the flow from the cash cows. Or will it? A closer look at the measures shows that they might be a boon, not a burden, for state-run tobacco firms.- Gary LaMoshi (Nov 15, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/DK15Ae01.html ">Indonesia: Malaysia cashes in</a> While Western-based investors fret about the uncertainties of the Indonesian market, Malaysia is pouring cash into its beleaguered neighbor. Recently famous for chasing illegal Indonesian workers out with a flailing cane, Malaysia is counting on its Indonesia investments to help fuel its drive to developed nation status. - Bill Guerin (Nov 14, '02) <a href="/web/20030604092343/http://atimes.com/atimes/South_Asia/DK14Df02.html ">The case for a South, Central Asia trade bloc</a> The recent signing of an economic cooperation agreement between China and ASEAN, which will create the world's biggest free trade area, could serve as an example for a similar initiative between South and Central Asian states that could go a long way to addressing many of the economic and security woes in the region. - K Gajendra Singh (Nov 13, '02) <a href="/web/20030604092343/http://atimes.com/atimes/China/DK12Ad01.html">Southeast Asia losing FDI fight to China</a> The numbers tell the tale: Foreign direct investment, if it goes to Asia at all, is going to China and its entrepot, Hong Kong, and not to Southeast Asia. Nor are economic lifelines from Japan and US aid agencies as forthcoming as in the past. Hence, last week's pact on a China-ASEAN free trade agreement was just the region's first leap on to the China bandwagon. - Phar Kim Beng (Nov 11, '02) <a href="/web/20030604092343/http://atimes.com/atimes/Southeast_Asia/DK09Ae01.html ">Indonesia's investment woes</a> As foreign direct investment wanes, the Indonesian government is wooing domestic investors in an effort to salvage the economy. But with a lack of security - even more so after last month's Bali bombings - and too much bureaucratic red tape, Indonesia is hardly an investor's dream. - Bill Guerin (Nov 8, '02) <table class="" id="table1" style="WIDTH: 178px; HEIGHT: 182px" cellspacing="3" cellpadding="3" width="178" align="center" border="3"> <tr> <td class="" valign="top" bordercolor="navy" align="left" bgcolor="navajowhite" height="0"> <img align="left" border="0" hspace="5" src="/web/20030604092343im_/http://atimes.com/atimes//images/deflation-2.gif" vspace="5"> By Richard Hanson (July, '02) </td> </tr> <tr> <td class="" valign="top" bordercolor="navy" align="left" bgcolor="navajowhite" height="0"> <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes/images/arrow.gif" border="0"><a href="https://web.archive.org/web/20030604092343/http://www.atimes.com/atimes/Japan/DG09Dh03.html">Part 1: Learning by doing</a> <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes/images/arrow.gif" border="0"><a href="https://web.archive.org/web/20030604092343/http://www.atimes.com/atimes/Japan/DG10Dh01.html">Part 2: Uncharted territory: Bubble to bust</a> <img hspace="0" src="/web/20030604092343im_/http://atimes.com/atimes/images/arrow.gif" border="0"><a href="/web/20030604092343/http://atimes.com/atimes/Japan/DG11Dh06.html ">Part 3: Stalking the east, tilting at windmills</a> </td> </tr> </table> </td> </tr> </table> </td> </tr> <tr> <td width="65%" valign="top"> </td> </tr> </table> </td> <td width="10" valign="top" background="/web/20030604092343im_/http://atimes.com/images/f_images/line.gif"><img height="1" src="/web/20030604092343im_/http://atimes.com/images/f_images/1pix.gif" width="9"></td> <td width="130" align="left" valign="top"> <table width="117" border="0" align="center" cellpadding="0" cellspacing="0"> <tr> <td><a href="https://web.archive.org/web/20030604092343/http://192.168.9.94/atimes/advertise.html" target="_blank"></a></td> </tr> <tr> <td height="5"><img 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