| ID | 153490 |
| Title Proper | Japanese Yen meets Russian gas in the far East |
| Language | ENG |
| Author | Tomoo Kikuchi, Yohei Tanaka ; Kikuchi, Tomoo ; Tanaka, Yohei |
| Summary / Abstract (Note) | How can Russia and Japan cooperate to contribute to stability and prosperity in the Asia-Pacific region? With 48 trillion cubic meters Russia has the world's largest natural gas reserve while Japan has the world's largest net foreign asset of $3.2 trillion. Linking the two affluent resources creates new transactions and opportunities for the world economy. The implication will be far-reaching beyond the sphere of mere economics and will change the energy and financial world dominated by oil from the Middle East and the USD. For example, Japan imports 82% of its oil from the Middle East--Saudi Arabia (34%), UAE (25%), Qatar (8%), Kuwait (8%), and Iran (5%). On the other hand, the USD is used for 42.09% of international payments and is dominant particularly in Asia where regional currencies such as the Japanese yen (JPY) and the Chinese yuan (CNY) are used only for 3.4% and 1.68% of international payments, respectively. |
| `In' analytical Note | Russia in Global Affairs Vol. 15, No.2; Apr-Jun 2017: p.182-189 |
| Journal Source | Russia in Global Affairs 2017-06 15, 2 |
| Key Words | OPEC ; Far East ; ASia-Pacific Region ; Global Energy Market ; Russian Gas ; Japanese Yen ; Middle East--Saudi Arabia |