On March 9, 2022, JCIE/USA hosted an online discussion to examine US and Japanese approaches to ensuring economic security as part of its Executive Roundtable series. The hour-long discussion took place in the context of Japan’s new legislation to bolster its economic security, which was submitted to the Diet the previous month, and amidst heightened tension over the Russian invasion of Ukraine, which was causing tremendous global insecurity.
Approximately 20 leaders from the United States and Japan gathered online to gain a better understanding of Japan’s proposed legislation, including its significance for Japan’s national security, its four key pillars, and areas where it requires additional efforts for Japan to ensure its economic security. Participants also assessed the policies and legislation that are in place to strengthen economic security in the United States and the effectiveness of the Biden administration’s efforts in this area, particularly in terms of achieving a balance between defensive and offensive approaches and between preventing risks and protecting economic openness. The discussion further explored areas for US-Japan collaboration and mechanisms that are currently in place to promote joint efforts. In addition, participants reflected on key issues for economic security that were highlighted by Russia’s invasion of Ukraine.
To facilitate the discussion, JCIE/USA invited two leading experts with distinguished government experience from Japan and the United States. Our speaker from Japan was Mr. Nobukatsu Kanehara, professor of Doshisha University who was assistant chief cabinet secretary under Prime Minister Abe and Japan’s inaugural deputy director-general of the National Security Secretariat. Mr. Matt Goodman, senior vice president for economics and Simon Chair in International Economy, Center for Strategic and International Studies (CSIS) in Washington DC, provided a US perspective. The discussion drew on both speakers’ additional expertise, including Mr. Kanehara’s experience as a member of the Kishida cabinet’s expert panel that drafted the proposals for the economic security legislation as well as on the United Kingdom’s G7 Economic Resilience Panel, and Mr. Goodman’s recent analysis of US-Japan cooperation on economic security.